<SEC-DOCUMENT>0001104659-22-026743.txt : 20220225
<SEC-HEADER>0001104659-22-026743.hdr.sgml : 20220225
<ACCEPTANCE-DATETIME>20220224173202
ACCESSION NUMBER:		0001104659-22-026743
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20220224
FILED AS OF DATE:		20220225
DATE AS OF CHANGE:		20220224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vale S.A.
		CENTRAL INDEX KEY:			0000917851
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15030
		FILM NUMBER:		22672922

	BUSINESS ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145
		BUSINESS PHONE:		55 21 3485-3900

	MAIL ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Companhia Vale do Rio Doce
		DATE OF NAME CHANGE:	20051108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE RIO DOCE CO
		DATE OF NAME CHANGE:	20020129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE DOCE RIVER CO
		DATE OF NAME CHANGE:	19950602
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm225945d2_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United States</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities and Exchange Commission</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>February 2022</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Vale S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Praia de Botafogo n&ordm; 186, 18&ordm; andar,
Botafogo<BR>
22250-145 Rio de Janeiro, RJ, Brazil</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 139.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Check
One) Form&nbsp;20-F </FONT><FONT STYLE="font-family: Wingdings">x</FONT> Form&nbsp;40-F <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(1))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 31.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Check
One) Yes </FONT><FONT STYLE="font-family: Wingdings">o</FONT> No <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(7))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 31.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Check
One) Yes </FONT><FONT STYLE="font-family: Wingdings">o</FONT> No <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">(Indicate by check mark whether the registrant by furnishing the information
contained in this Form&nbsp;is also thereby furnishing information to the Commission pursuant to Rule&nbsp;12g3-2(b)&nbsp;under the Securities
Exchange Act of 1934.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 139.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Check
One) Yes </FONT><FONT STYLE="font-family: Wingdings">o</FONT> No <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(If &ldquo;Yes&rdquo; is marked, indicate below the file number assigned
to the registrant in connection with Rule&nbsp;12g3-2(b). 82- .)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm225945d2_6kimg004.jpg" ALT=""><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD><P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal"><FONT STYLE="font-size: 10pt; color: Black"><B>Financial
        Statements</B></FONT></P>
    <P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal"><FONT STYLE="font-size: 10pt; color: Black"><B>December
    31, 2021</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black"><IMG SRC="tm225945d2_6kimg005.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: Teal"><FONT STYLE="font-size: 10pt; color: Black">BRGAAP
in R$ (English)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="tm225945d2_6kimg003.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #007E7A"><FONT STYLE="color: Black"><B>Vale
S.A. Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #007E7A"><FONT STYLE="color: Black"><B>Contents&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: center">Page</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3"><A HREF="#va_001">Independent auditor&rsquo;s report on the financial statements</A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: center; padding-left: 5.4pt"><A HREF="#va_001">3</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3"><A HREF="#va_002">Consolidated and Parent Company Income Statement</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_002">8</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3"><A HREF="#va_003">Consolidated and Parent Company Statement of Comprehensive Income</A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: center; padding-left: 5.4pt"><A HREF="#va_003">9</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3"><A HREF="#va_004">Consolidated and Parent Company Statement of Cash Flows</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_004">10</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3"><A HREF="#va_005">Consolidated and Parent Company Statement of Financial Position</A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: center; padding-left: 5.4pt"><A HREF="#va_005">11</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3"><A HREF="#va_006">Consolidated Statement of Changes in Equity</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_006">12</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3"><A HREF="#va_007">Consolidated and Parent Company Value Added Statement</A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: center; padding-left: 5.4pt"><A HREF="#va_007">13</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3"><A HREF="#va_008">Notes to the Financial Statements</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_008">14</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify; width: 3%"><A HREF="#va_009"><FONT STYLE="font-size: 10pt">1.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify; width: 84%"><A HREF="#va_009">Corporate information</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt; width: 10%"><A HREF="#va_009">14</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_010"><FONT STYLE="font-size: 10pt">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_010">Basis of preparation of financial statements</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_010">14</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_011"><FONT STYLE="font-size: 10pt">3.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_011">Significant events in the current year</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_011">17</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_012"><FONT STYLE="font-size: 10pt">4.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_012">Information by business segment and geographic area</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_012">18</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_013"><FONT STYLE="font-size: 10pt">5.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_013">Costs and expenses by nature</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_013">22</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_014"><FONT STYLE="font-size: 10pt">6.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_014">Financial results</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_014">23</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_015"><FONT STYLE="font-size: 10pt">7.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_015">Streaming transactions</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_015">23</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_016"><FONT STYLE="font-size: 10pt">8.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_016">Income taxes</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_016">24</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_017"><FONT STYLE="font-size: 10pt">9.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_017">Basic and diluted earnings (loss) per share</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_017">28</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_018"><FONT STYLE="font-size: 10pt">10.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_018">Accounts receivable</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_018">29</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_019"><FONT STYLE="font-size: 10pt">11.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_019">Suppliers and contractors</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_019">29</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_020"><FONT STYLE="font-size: 10pt">12.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_020">Inventories</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_020">29</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_021"><FONT STYLE="font-size: 10pt">13.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_021">Recoverable and payable taxes</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_021">30</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_022"><FONT STYLE="font-size: 10pt">14.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_022">Other financial assets and liabilities</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_022">31</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_023"><FONT STYLE="font-size: 10pt">15.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_023">Investments in subsidiaries, associates, and joint
    ventures</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_023">33</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_024"><FONT STYLE="font-size: 10pt">16.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_024">Non-current assets and liabilities held for sales
    and discontinued operations</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_024">38</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_025"><FONT STYLE="font-size: 10pt">17.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_025">Intangibles</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_025">43</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_026"><FONT STYLE="font-size: 10pt">18.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_026">Property, plant, and equipment</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_026">44</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_027"><FONT STYLE="font-size: 10pt">19.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_027">Impairment and onerous contracts</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_027">47</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_028"><FONT STYLE="font-size: 10pt">20.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_028">Financial and capital risk management</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_028">49</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_029"><FONT STYLE="font-size: 10pt">21.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_029">Financial assets and liabilities</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_029">60</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_030"><FONT STYLE="font-size: 10pt">22.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_030">Participative stockholders&rsquo; debentures</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_030">63</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_031"><FONT STYLE="font-size: 10pt">23.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_031">Loans, borrowings, leases, cash and cash equivalents
    and short-term investments</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_031">64</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_032"><FONT STYLE="font-size: 10pt">24.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_032">Brumadinho dam failure</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_032">68</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_033"><FONT STYLE="font-size: 10pt">25.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_033">Liabilities related to associates and joint ventures</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_033">71</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_034"><FONT STYLE="font-size: 10pt">26.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_034">Provision for de-characterization of dam structures
    and asset retirement obligations</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_034">73</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_035"><FONT STYLE="font-size: 10pt">27.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_035">Provisions</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_035">76</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_036"><FONT STYLE="font-size: 10pt">28.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_036">Litigations</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_036">76</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_037"><FONT STYLE="font-size: 10pt">29.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_037">Employee benefits</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_037">80</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_038"><FONT STYLE="font-size: 10pt">30.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_038">Stockholders&rsquo; equity</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_038">89</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_039"><FONT STYLE="font-size: 10pt">31.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: justify"><A HREF="#va_039">Related parties</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_039">92</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_040"><FONT STYLE="font-size: 10pt">32.</FONT></A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify"><A HREF="#va_040">Commitments</A></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center; padding-left: 5.4pt"><A HREF="#va_040">98</A></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="tm225945d2_6kimg002.jpg" ALT=""><FONT STYLE="color: Black"><A NAME="va_001"></A>&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">(A
free translation of the original in Portuguese)</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black"><B>Independent auditor's report on the parent company and consolidated financial statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">To the Board of Directors and
Shareholders of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Vale S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; color: #EE1934; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="color: Black">Opinion</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">We
have audited the accompanying parent company financial statements of Vale&nbsp;S.A. (the &quot;Company&quot;), which comprise the statement
of financial position as at December 31, 2021 and the income statement, statements of comprehensive income, changes in equity and cash
flows for the year then ended, as well as the accompanying consolidated financial statements of Vale&nbsp;S.A. and its subsidiaries (&quot;Consolidated&quot;),
which comprise the consolidated statement of financial position as at December 31, 2021 and the consolidated income statement, statements
of comprehensive income, changes in equity and cash flows for the year then ended, and notes to the financial statements, including significant
accounting policies and other explanatory information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">In
our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Vale&nbsp;S.A.
and of Vale&nbsp;S.A. and its subsidiaries as at December 31, 2021, and the financial performance and the cash flows, as well as the
consolidated financial performance and the consolidated cash flows for the year then ended, in accordance with accounting practices adopted
in Brazil and with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt; color: #EE1934; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">Basis
for opinion</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">We
conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards
are further described in the Auditor's Responsibilities for the Audit of the Parent Company and Consolidated Financial Statements section
of our report. We are independent of the Company and its subsidiaries in accordance with the ethical requirements established in the
Code of Professional Ethics and Professional Standards issued by the Brazilian Federal Accounting Council, and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt; color: #EE1934; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">Key
Audit Matters</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 70%; font: 10pt Times New Roman, Times, Serif; color: Black; vertical-align: top">Key Audit Matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the parent company and consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center"><IMG SRC="tm225945d2_6kimg006.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 146.3pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 146.3pt 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 146.3pt 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Why
    it is a Key Audit Matter</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>How
    the matter was addressed in the audit</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Provisions
    for de-characterization of dams (Note 26 (a))</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Resulting
        from the Brumadinho dam failure, the Company has been working on the de-characterization of its tailing dams built under the
        upstream method, as well as certain &ldquo;centerline structures&rdquo; and dikes located in Brazil. The provision for the de-characterization
        of dams balance as of December 31, 2021 is R$ 19,666 million.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">The
    provision for the de-characterization of dams involves a high degree of critical judgment by management, as well as high degree of
    complexity in the determination of engineering solutions and assumptions, as the referred dams and structures present different characteristics
    and are under different stages of project engineering maturity, some of them on the conceptual engineering phase.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">The
    measurement of the provision takes into consideration the evaluation of several significant assumptions like: (i) volume of waste
    to be removed; (ii) location availability and distance for disposal of waste; (iii) engineering methods and solutions; (iv) security
    levels; (v) productivity of the equipment used; (vi) advances in geological studies and new hydrological information; (vii) discount
    rate update.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">In
    addition, for the determination of the provision, the Company relies on specialized engineering and geology advisors to carry on
    specific aspects of the de-characterization process, and which are relevant for the determination and confirmation of
    the solutions and significant assumptions, as well as in relation to the estimate of future costs.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Due
    to the nature of the measurement uncertainties of this provision, the amounts recorded and disclosed as of December 31, 2021, must
    be reviewed and could come to be changed significantly in future periods, as new facts and circumstances come to be known.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Accordingly,
    this matter remains an area of focus in our audit.</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Our
        audit procedures included, among others, the update of our understanding and evaluation of the design and operating effectiveness
        of the significant internal controls put in place by management in relation to the recognition and monitoring of the provision
        for the de-characterization of dams and corresponding disclosures in the financial statements. We have discussed and reported
        to management the aspects of improvement to internal controls in relation to this subject.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">We
    have discussed with management regarding the technical engineering rationale and main assumptions used on the most relevant de-characterization
    projects, aiming to evaluate the reasonableness of the future costs estimate made by the Company&rsquo;s management.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">We
    have evaluated the competency, ability and objectivity of the engineering and geology specialists engaged by management to support
    certain aspects of the de-characterization process.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">We
    have obtained, on a sample basis, the supporting documentation of the costs incurred, and we have evaluated the reasonableness of
    the calculation models and the significant assumptions used in the engineering projects and technical alternatives, with the support
    of our engineering specialists.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">As
    a result of the procedures performed, we consider that the criteria and assumptions adopted by the Company&rsquo;s management for
    the aim to calculate and account for these provisions are reasonable and consistent with the information obtained during our audit
    work and with the disclosures made in the financial statements.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Partial
    disposal of investment in Vale International S.A. (&ldquo;VISA&rdquo;) (Note&nbsp;2 (g.1))</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">In
        December, 2021, the Company approved a reduction of capital from VISA, a wholly-owned foreign subsidiary, in the amount of R$
        17,109 million. The referred capital reduction was deemed by management as a partial disposal of the investment.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">As
    a consequence, the Company has reclassified a portion of the cumulative translation adjustment (&ldquo;CTA&rdquo;) related to this
    wholly-owned foreign subsidiary in the amount of R$ 13,634 million, until then presented in as shareholders&rsquo; equity, to the
    income statement, generating a gain of the same amount, registered under &ldquo;Other financial items, net&rdquo;.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">The
    Company&rsquo;s accounting policy set that capital reductions of subsidiaries represent a partial disposal, once there is a decrease
    of the total investment held. In this context, the CTA balance recorded and accumulated in the shareholders&rsquo; equity due to
    the translation from foreign subsidiaries, of which functional currencies are different from Real, are partially realized and must
    be reclassified to the income statement by the proportion realized, despite the Company keeping the same share of that subsidiary.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">The
    conclusion over which events trigger a partial disposal of investments in subsidiaries, then a return of capital that generates a
    reclassification of CTA from shareholders&rsquo; equity to the income statement, has demanded a high degree of effort from management
    due to the complexity in evaluating the events under the applicable accounting practices.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Accordingly,
    this matter was considered an area of focus in our audit.</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Our
        audit procedures included, among others, the evaluation of the design and operating effectiveness of the significant internal
        controls related to the reclassification of CTA from the capital reduction of VISA.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">We
    have discussed with management the technical rational adopted by the Company to determine the events that are deemed to be a partial
    disposal of investment in a foreign subsidiary and a return of capital that generates a reclassification of CTA, according to the
    Company&rsquo;s accounting policies.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">In
    addition, we have read the supporting documents related to the transaction of capital reduction and we have tested the mathematical
    accuracy of the calculation.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Lastly,
    we have read the disclosure presented on the explanatory notes.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">As
    a result of the procedures described above, we consider that the criteria adopted by management for the determination of the reclassified
    amount of CTA, as well as its disclosures, are consistent with the information obtained and technical discussions held.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #EE1934"><FONT STYLE="font-size: 10pt; color: Black"><B>Provision
for tax contingencies (Notes 8 (e) and 28)</B></FONT></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 49%"><FONT STYLE="font-size: 10pt; color: Black"></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">The
        Company and its subsidiaries have relevant tax matters under discussion at several procedural levels, for which, based on the
        opinion of their internal and external legal advisors, a provision for tax contingencies in the amount of R$&nbsp;2,542 million
        was recorded.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">The
    definition of the provided amount mentioned above, as well as the contingent liabilities disclosed depend on critical judgments by
    management regarding the settlement term, likelihood of loss and amount.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">In
    addition, considering the significance of the amounts involved, any changes in estimates or assumptions, which influence the determination
    of the likelihood of loss, could have significant impacts on the Company's financial statements.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Accordingly,
    this matter was maintained as an area of focus in our audit.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Our
        audit procedures included, among others, the evaluation of the design and operating effectiveness of the significant internal
        controls related to the process of determining tax contingencies, as well as the assessment of significant information technology
        systems that support this process.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">For
    tax positions related to income taxes, we met with management to discuss and evaluate the circumstances of the relevant matters in
    relation to the Interpretation ICPC 22/IFRIC 23, as well as to understand the internal controls related to the identification and
    monitoring of uncertainty tax treatments and measurement and recognition of the obligation, when applicable.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">We
    requested and obtained confirmation from all the legal advisors, internal and external, who are responsible for the Company's tax
    claims, confirming amounts and estimates used by the Company's management.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">Also,
    when applicable, for the most significant tax proceedings, we obtained the opinions of other tax&nbsp;advisors, aiming to assess
    the reasonableness of&nbsp;the estimates determined by the lawyers responsible for&nbsp;the respective claims, and analyze the arguments
    and case law adopted by the Company's legal advisors.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">We
    consider that the criteria and assumptions adopted by management for determining provisions, as well as disclosures, are consistent
    with the assessment of legal advisors.</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt; color: #EE1934; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">Other
matters</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Value
Added Statement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">The
parent company and consolidated  Value Added Statements for the year ended December 31, 2021, prepared under the responsibility of
the Company's management and presented as supplementary information for IFRS purposes, were submitted to audit procedures performed
in conjunction with the audit of the Company's financial statements. For the purposes of forming our opinion, we evaluated whether
these statements are reconciled with the financial statements and accounting records, as applicable, and if their form and content
are in accordance with the criteria defined in Technical Pronouncement CPC 09 - &quot;Value Added Statement&quot;. In
our opinion, these Value Added Statements have been properly prepared in all material respects, in accordance with the
criteria established in the Technical Pronouncement, and are consistent with the parent company and consolidated financial
statements taken as a whole.</FONT><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; color: #EE1934; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">Other
information accompanying the parent company and consolidated financial statements and the auditor's report</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.55pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">The
Company's management is responsible for the other information that comprises the Management Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">Our
opinion on the parent company and consolidated financial statements does not cover the Management Report, and we do not express any form
of audit conclusion thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In connection with
the audit of the parent company and consolidated financial statements, our responsibility is to read the Management Report and, in doing
so, consider whether this report is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement in the
Management Report, we are required to report that fact. We have nothing to report in this regard.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt; color: #EE1934; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">Responsibilities
of management and those charged with governance for the parent company and consolidated financial statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Management is responsible
for the preparation and fair presentation of the parent company and consolidated financial statements in accordance with accounting practices
adopted in Brazil and with the&nbsp;International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards
Board (IASB), and for such internal control as management determines is necessary to enable&nbsp;the preparation of financial statements
that are free from material misstatement, whether due to&nbsp;fraud or error.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In preparing the parent
company and consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Those charged with
governance are responsible for overseeing the financial reporting process of the Company and its subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; color: #EE1934; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">Auditor's
responsibilities for the audit of the parent company and consolidated financial&nbsp;statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Our objectives are
to obtain reasonable assurance about whether the parent company and consolidated financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with Brazilian and International Standards on Auditing
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">As part of an audit
in accordance with Brazilian and International Standards on Auditing, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="color: Black">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.55pt"><FONT STYLE="color: Black">Identify
                                            and assess the risks of material misstatement of the parent company and consolidated financial
                                            statements, whether due to fraud or error, design and perform audit procedures responsive
                                            to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
                                            basis for our opinion. The risk of not detecting a material misstatement resulting from fraud
                                            is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
                                            omissions, misrepresentations, or the override of internal control.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.55pt 0pt 14.2pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="color: Black">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.55pt"><FONT STYLE="color: Black">Obtain
                                            an understanding of internal control relevant to the audit 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 of the Company and its subsidiaries.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="color: Black">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="color: Black">Evaluate
                                            the appropriateness of accounting policies used and the reasonableness of accounting estimates
                                            and related disclosures made by management.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5pt 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="color: Black">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="color: Black">Conclude
                                            on the appropriateness of management's use of the going concern basis of accounting and,
                                            based on the audit evidence obtained, whether a material uncertainty exists related to events
                                            or conditions that may cast significant doubt on the ability of the Company to continue as
                                            a going concern. If we conclude that a material uncertainty exists, we are required to draw
                                            attention in our auditor's report to the related disclosures in the parent company and consolidated
                                            financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
                                            are based on the audit evidence obtained up to the date of our auditor's report. However,
                                            future events or conditions may cause the Company to cease to continue as a going concern.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5pt 0pt 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="color: Black">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="color: Black">Evaluate
                                            the overall presentation, structure and content of the parent company and consolidated financial
                                            statements, including the disclosures, and whether these financial statements represent the
                                            underlying transactions and events in a manner that achieves fair presentation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="color: Black">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5pt"><FONT STYLE="color: Black">Obtain
                                            sufficient appropriate audit evidence regarding the financial information of the entities
                                            or business activities within the Group to express an opinion on the parent company and consolidated
                                            financial statements. We are responsible for the direction, supervision and performance of
                                            the group audit. We remain solely responsible for our audit opinion.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">We communicate with
those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our audit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">We also provide those
charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate
with them all relationships and other&nbsp;matters that may reasonably be thought to bear on our independence, and where applicable,
related&nbsp;safeguards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">From
the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of
the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report
unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Rio de Janeiro, February
24, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; color: Black">PricewaterhouseCoopers</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Patricio Marques Roche</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Auditores Independentes Ltda.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Contador CRC 1RJ081115/O-4</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">CRC 2SP000160/O-5</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0; color: #007E7A"><IMG SRC="tm225945d2_6kimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B><A NAME="va_002"></A>Income Statement</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B>In millions of Brazilian
reais, except earnings per share data</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Notes</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Continuing operations</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34%; color: Black; text-align: left">Net operating revenue</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">(d)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">293,524</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">206,098</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">144,635</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">220,109</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">127,395</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Cost of goods sold and services rendered</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">(a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(117,267</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(90,948</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(76,437</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(59,140</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(44,868</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Gross profit</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">176,257</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">115,150</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">68,198</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">160,969</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">82,527</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Operating expenses</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Selling and administrative</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">(b)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,601</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,529</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,872</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,368</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,271</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Research and development</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,964</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,151</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,644</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,477</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,005</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Pre-operating and operational stoppage</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,467</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,517</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,559</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,609</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,081</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Equity results and others results from subsidiaries</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,729</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,762</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Brumadinho event and de-characterization of dams</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">24 and 26</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,379</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(27,016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(28,818</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,379</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(27,016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Other operating expenses, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">(c)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,212</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,202</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,107</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,028</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,677</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(25,623</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(40,415</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(39,000</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,132</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(25,288</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Impairment and disposals of non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,352</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,968</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(13,813</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(398</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(346</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Operating income</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">148,282</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">67,767</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,385</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">152,439</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">56,893</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,570</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,802</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,063</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">708</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,942</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(16,666</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,499</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,711</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(16,748</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial items, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,932</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,056</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(678</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">227</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,191</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Equity results and other results in associates and joint ventures</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">15 and 25</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,947</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,210</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,585</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,947</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,210</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Income (loss) before income taxes</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">159,147</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">38,405</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(575</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">138,071</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">27,452</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Current tax</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(30,079</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(17,828</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,985</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(27,938</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,739</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Deferred tax</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,759</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,201</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,494</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,095</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(25,320</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,627</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,509</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(16,843</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(739</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net income of continuing operations</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">133,827</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33,778</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,934</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121,228</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,713</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Net income (loss) attributable to noncontrolling interests</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">591</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(11</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">449</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Net income from continuing operations attributable to Vale's stockholders</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">133,236</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33,789</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,485</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121,228</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,713</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Discontinued operations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">(a)</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Loss from discontinued operations</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12,484</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,875</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,631</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Loss attributable to noncontrolling interests</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(476</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,799</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,474</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Loss from discontinued operations attributable to Vale's stockholders</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12,008</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,076</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,157</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net income (loss)</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121,343</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,903</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,697</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121,228</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,713</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Net income (loss) attributable to noncontrolling interests</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">115</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,810</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,025</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Net income (loss) attributable to Vale's stockholders</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121,228</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,713</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,672</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121,228</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,713</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Basic and diluted earnings (loss) per share attributable to Vale's stockholders:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Common share (R$)</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24.18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1.30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24.18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">As described in note 16, the coal segment
is presented in these financial statements as a discontinued operation, therefore, the comparative balances in the income statement were
also reclassified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The accompanying notes
are an integral part of these financial statements.</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><IMG SRC="tm225945d2_6kimage1.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B><A NAME="va_003"></A>Statement of Comprehensive
Income</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B>In millions of Brazilian
reais</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 45%; color: Black; text-align: left; padding-bottom: 1pt">Net income (loss)</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121,343</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,903</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,697</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121,228</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,713</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other comprehensive income (loss):</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Items that will not be reclassified to income statement</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Retirement benefit obligations (note 29)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,631</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(436</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(486</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">736</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(528</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Fair value adjustment to investment in equity securities (note 21)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,188</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">641</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(735</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,812</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">583</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Equity results (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,271</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">150</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,819</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">205</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,221</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,819</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">205</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Items that may be reclassified to income statement</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Translation adjustments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,133</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">20,011</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,812</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,865</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,257</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net hedge investments (note 20)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(646</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,732</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(324</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(646</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,732</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net hedge cash flow (note 20)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(631</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">427</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Equity results (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(631</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Reclassification of cumulative translation adjustment to income statement (notes 15 and 16)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(26,501</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(702</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(26,501</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(702</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(21,967</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,946</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,915</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(22,235</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,192</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Total comprehensive income (loss)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">104,195</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">41,054</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,003</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">103,812</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">44,110</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Comprehensive income (loss) attributable to noncontrolling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">383</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,056</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,839</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Comprehensive income (loss) attributable to Vale's stockholders</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">103,812</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">44,110</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,164</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Items above are stated
net of tax and the related taxes are disclosed in note 8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The accompanying notes
are an integral part of these financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="tm225945d2_6kimg001.jpg" ALT=""><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B><A NAME="va_004"></A>Statement of Cash Flows</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B>In millions of Brazilian
reais</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 50%; color: Black; text-align: left">Cash flow from operations (a)</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">178,815</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">99,171</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">67,754</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">155,528</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">53,733</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Interest on loans and borrowings paid (note 23)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,820</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,911</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,760</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,795</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,400</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Cash received (paid) on settlement of derivatives, net (note 20)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,118</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(280</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,287</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,083</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(876</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Payments related to Brumadinho event (note 24)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,633</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,651</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,340</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,633</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,651</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Payments related to de-characterization of dams (note 26)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,521</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(642</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,521</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Interest on participative stockholders' debentures paid (note 22)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,317</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(776</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,317</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Income taxes (including settlement program)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(23,607</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,138</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,119</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(21,384</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,663</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net cash provided by operating activities from continuing operations</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">138,498</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">80,670</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">49,830</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">116,494</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">34,622</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Net cash used in operating activities from discontinued operations (note 16a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,732</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,462</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,548</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net cash provided by operating activities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">136,766</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">75,208</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">47,282</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">116,494</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">34,622</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Cash flow from investing activities:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Capital expenditures</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(27,301</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(21,720</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(13,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(16,916</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(11,374</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Additions to investments (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(237</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(657</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(287</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(899</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,243</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Acquisition of subsidiary, net of cash (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,513</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Disbursement related to VNC sale (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,134</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Proceeds from disposal of Mosaic shares (note 14a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,919</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,044</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Capital reduction of foreign subsidiary (notes 2g and 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,109</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Dividends received from associates and joint ventures (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,043</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">904</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,423</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,380</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,973</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Judicial deposits and restricted cash related to Brumadinho event (note 24)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,169</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Short-term investment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,671</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,247</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,408</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">519</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,031</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Other investments activities, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,773</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(795</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(290</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12,362</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,331</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net cash used in investing activities from continuing operations</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(22,812</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(23,565</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(26,066</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,125</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,332</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Net cash used in investing activities from discontinued operations (note 16a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12,476</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(669</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(474</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net cash used in investing activities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(35,288</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(24,234</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(26,540</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,125</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,332</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Cash flow from financing activities:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Loans and borrowings from third-parties (note 23)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,165</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">34,023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,886</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,226</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">44</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Payments of loans and borrowings from third-parties (note 23)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,759</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(33,207</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(21,874</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,051</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,534</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Payments of leasing (note 23)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,152</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,051</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(836</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(396</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(339</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Dividends and interest on capital paid to stockholders (note 30c)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(73,112</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(18,637</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(73,112</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(18,637</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Dividends and interest on capital paid to noncontrolling interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(175</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(695</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Share buyback program (note 30b)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(29,121</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(15,574</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Transactions with noncontrolling stockholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">981</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,310</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net cash used in financing activities from continuing operations</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(109,154</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(17,963</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,829</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(94,907</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(22,466</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Net cash used in financing activities from discontinued operations (note 16a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(72</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(78</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(55</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net cash used in financing activities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(109,226</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(18,041</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,884</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(94,907</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(22,466</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Increase (reduction) in cash and cash equivalents</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,748</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">32,933</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,858</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">18,462</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,824</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Cash and cash equivalents in the beginning of the year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70,086</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,627</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">22,413</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,609</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,597</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Effect of exchange rate changes on cash and cash equivalents</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,071</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,605</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,356</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Cash and cash equivalents from subsidiaries sold, net (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(79</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,195</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">188</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents at end of the year</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">65,409</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70,086</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,627</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">34,266</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,609</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Cash flow from operating activities:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Income (loss) before income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">159,147</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">38,405</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(575</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">138,071</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">27,452</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Adjusted for:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Equity results and others results from subsidiaries (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(13,729</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,762</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Equity results and other results in associates and joint ventures (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,947</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,210</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,585</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,947</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,210</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Impairment and disposal of non-current assets (note 19)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,352</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,968</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,813</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">398</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">346</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Provisions related to Brumadinho (note 24)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,140</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,173</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,140</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Provision for de-characterization of dams (note 26)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,747</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,175</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,274</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,747</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,175</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Depreciation, depletion and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,379</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,597</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,814</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,510</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,069</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial results, net (note 6)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(17,812</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,152</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,375</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,421</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,231</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Changes in assets and liabilities:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Accounts receivable (note 10)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,604</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,155</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(126</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,881</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(27,976</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Inventories (note 12)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,572</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(691</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">583</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(503</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(779</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Suppliers and contractors (note 11) (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,286</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(766</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,207</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(291</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">906</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Payroll, related charges and other remunerations (note 27)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">85</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,441</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(308</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">416</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,110</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Other assets and liabilities, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,488</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,420</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,061</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,480</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,496</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Cash flow from operations (a)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">178,815</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">99,171</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">67,754</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">155,528</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">53,733</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Non-cash transactions:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Additions to property, plant and equipment - capitalized loans and borrowing costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">318</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">345</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">551</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">318</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">345</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) Includes variable
lease payments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The accompanying notes
are an integral part of these financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="tm225945d2_6kimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<DIV STYLE="border-bottom: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B><A NAME="va_005"></A>Statement
of Financial Position</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B>In millions of Brazilian
reais</B></FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Notes</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31,<BR>
 2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31,<BR>
 2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31,<BR>
 2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31,<BR>
 2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Assets</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Current assets</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; color: Black; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">65,409</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70,086</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">34,266</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,609</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Short-term investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,028</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,006</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">906</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,811</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Accounts receivable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,840</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25,944</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">47,912</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46,559</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">619</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,707</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">410</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Inventories</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,429</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,103</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,246</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,142</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Recoverable taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,809</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,646</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,519</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,036</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Others</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,198</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,313</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,867</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,199</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">119,332</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">126,805</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">96,126</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">72,393</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Non-current assets held for sale</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,468</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">35</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">124,800</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">126,805</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">96,161</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">72,393</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Non-current assets</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Judicial deposits</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">(c)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,808</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,591</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,543</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,265</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">796</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,271</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">480</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,838</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Recoverable taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,220</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,670</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,650</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,244</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Deferred income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">(a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">63,847</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">53,711</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,119</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">42,760</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Others</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,604</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,380</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">894</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">725</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">80,275</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">78,623</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">64,686</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">55,832</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,771</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,557</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">143,640</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">181,319</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Intangibles</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">50,287</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">48,309</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,440</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28,243</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Property, plant, and equipment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">18</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">233,995</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">213,836</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">123,959</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">111,338</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">374,328</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">351,325</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">361,725</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">376,732</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Total assets</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">499,128</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">478,130</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">457,886</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">449,125</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Liabilities</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Current liabilities</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Suppliers and contractors</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,393</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,496</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,603</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,601</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Loans, borrowings and leases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,720</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,901</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,415</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,804</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,946</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,906</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,954</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,747</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Taxes payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,150</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,950</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,129</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,509</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Settlement program ("REFIS")</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">(d)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,810</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,769</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,810</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,733</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Liabilities related to associates and joint ventures</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,964</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,554</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,964</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,554</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Provisions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,830</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,663</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,077</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Liabilities related to Brumadinho</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,449</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,925</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,449</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,925</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">De-characterization of dams and asset retirement obligations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,468</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,029</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,126</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,723</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Dividends payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,342</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,342</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Others</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,106</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,303</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,744</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,960</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">82,836</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">75,838</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">65,213</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">56,975</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Liabilities associated with non-current assets held for sale</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,978</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">84,814</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">75,838</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">65,213</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">56,975</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Non-current liabilities</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Loans, borrowings, and leases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70,189</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">72,187</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,520</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,646</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Participative stockholders' debentures</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">22</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,078</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,737</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,078</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,737</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,344</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23,719</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">95,636</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">107,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Settlement program ("REFIS")</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">(d)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,962</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,493</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,962</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,245</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Deferred income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">(a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,494</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,198</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Provisions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,082</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,377</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,496</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,028</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Liabilities related to Brumadinho</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,288</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,849</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,288</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,849</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">De-characterization of dams and asset retirement obligations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">41,753</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">32,368</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23,658</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,904</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Liabilities related to associates and joint ventures</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,407</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,228</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,407</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,228</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Streaming transactions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,927</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,419</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Others</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">732</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,731</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,225</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,258</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">217,256</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">221,306</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">200,270</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">206,365</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Total liabilities</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">302,070</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">297,144</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">265,483</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">263,340</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Stockholders' equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Equity attributable to Vale's stockholders</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">192,403</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">185,785</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">192,403</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">185,785</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Equity attributable to noncontrolling interests</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,655</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,799</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Total stockholders' equity</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">197,058</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">180,986</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">192,403</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">185,785</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Total liabilities and stockholders' equity</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">499,128</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">478,130</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">457,886</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">449,125</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The accompanying notes
are an integral part of these financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><IMG SRC="tm225945d2_6kimg001.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<DIV STYLE="border-bottom: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B><A NAME="va_006"></A>Statement of Changes
in Equity</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B>In millions of Brazilian
reais</B></FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 7pt">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center">Share<BR>
 capital</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center">Capital<BR>
 reserve</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center">Profit<BR>
 reserves</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center">Treasury<BR>
 stocks</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center">Other<BR>
 reserves</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center">Cumulative<BR>
 translation<BR>
 adjustments</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center">Retained<BR>
 earnings</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center">Equity<BR>
 attributable to<BR>
 Vale&rsquo;s<BR>
 stockholders</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center">Equity<BR>
 attributable to<BR>
 noncontrolling <BR>
interests</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: center">Total<BR>
 stockholders'<BR>
 equity</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 29%">Balance at December 31, 2018</TD><TD STYLE="width: 1%; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">77,300</TD><TD STYLE="width: 1%; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">3,634</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">42,502</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(6,604</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(5,912</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">59,483</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">170,403</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">3,280</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">173,683</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif">Loss</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">(6,672</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">(6,672</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">(2,025</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">(8,697</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Other comprehensive income</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(1,171</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">4,679</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">3,508</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">186</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">3,694</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Interest on capital of Vale's stockholders</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(7,253</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(7,253</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(7,253</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Dividends of noncontrolling interest</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(337</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(337</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Acquisitions and disposal of noncontrolling interest</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">1,410</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">1,410</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(5,549</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(4,139</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Capitalization of noncontrolling interest advances</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">114</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">114</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif">Allocation of loss</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(6,672</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">6,672</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">Treasury shares utilized</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">84</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">84</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">84</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">Balance at December 31, 2019</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">77,300</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">3,634</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">28,577</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(6,520</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(5,673</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">64,162</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">161,480</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(4,331</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">157,149</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">Net income (loss)</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">26,713</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">26,713</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">(1,810</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">24,903</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Other comprehensive income</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(453</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">17,850</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">17,397</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(1,246</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">16,151</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Dividends and interest on capital of Vale's stockholders</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(12,350</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(6,342</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(18,692</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(18,692</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Dividends of noncontrolling interest</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(42</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(42</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Acquisitions and disposal of noncontrolling interest</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(1,181</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(1,181</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">2,559</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">1,378</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Capitalization of noncontrolling interest advances</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">71</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">71</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Appropriation to undistributed retained earnings</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">20,371</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(20,371</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">Treasury shares utilized</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">68</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">68</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">68</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">Balance at December 31, 2020</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">77,300</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">3,634</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">36,598</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(6,452</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(7,307</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">82,012</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">185,785</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(4,799</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; text-align: right">180,986</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">Net income</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">121,228</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">121,228</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">115</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: right">121,343</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Other comprehensive income</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">4,660</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(22,076</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(17,416</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">268</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(17,148</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif">Fair value reclassification of Mosaic shares (note 14a)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(2,911</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">2,911</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Dividends and interest on capital of Vale's stockholders (note 30c)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(22,935</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(43,834</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(66,769</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(148</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(66,917</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Acquisitions and disposal of noncontrolling interest (note 16)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(1,666</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(1,666</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">9,219</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">7,553</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Appropriation to undistributed retained earnings</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">80,305</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(80,305</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Share buyback program (note 30b)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(29,121</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(29,121</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(29,121</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left">Share-based payment program (note 2g)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">325</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">325</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">325</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Treasury shares utilized and canceled (note 30b)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(6,347</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">6,384</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">37</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">37</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Balance at December 31, 2021</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">77,300</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">3,634</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">87,621</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(29,189</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(6,899</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">59,936</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">192,403</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">4,655</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">197,058</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The accompanying notes
are an integral part of these financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<DIV STYLE="border-bottom: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B><A NAME="va_007"></A>Value Added Statement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B>In millions of Brazilian
Reais</B></FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Generation of value added</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Gross revenue</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Revenue from products and services</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">296,805</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">207,677</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">223,182</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">128,818</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Revenue from the construction of own assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,684</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,064</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,348</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,396</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other revenues</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,684</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,996</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,912</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,369</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Less:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Cost of products, goods and services sold</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(38,587</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(25,188</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(22,343</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,699</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Material, energy, third-party services and other</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(46,797</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(38,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,598</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(11,406</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Impairment of non-current assets and others results</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,352</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,968</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(398</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(346</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Brumadinho event and de-characterization of dams</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,379</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(27,016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,379</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(27,016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Other costs and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(17,625</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(15,383</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,498</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,169</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Gross value added</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">189,433</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">102,682</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">168,226</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">69,947</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Depreciation, amortization and depletion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(16,379</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(16,597</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,510</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,069</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Net value added</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">173,054</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">86,085</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">159,716</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">61,878</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Received from third parties</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Equity results from entities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,947</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,210</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,782</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,552</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Financial income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,389</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,713</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,132</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,482</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Total value added from continuing operations to be distributed</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">169,496</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">86,588</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">171,630</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">71,912</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Value added from discontinued operations to be distributed (note 16)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(15,637</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,712</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Total value added to be distributed</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">153,859</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">76,876</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">171,630</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">71,912</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Personnel and charges</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,941</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,052</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,506</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,581</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Taxes and contributions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">38,444</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,639</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,781</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,984</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Interest (net derivatives and monetary and exchange rate variation)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,964</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,503</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,163</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28,448</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other remunerations of third party funds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,248</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">616</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,952</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,186</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Reinvested net income from continuing operations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">133,236</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33,789</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121,228</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,713</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Income (loss) from continuing operations attributable to noncontrolling interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">591</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(11</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Distributed value added from continuing operations</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">169,496</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">86,588</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">171,630</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">71,912</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Distributed value added from discontinued operations (note 16)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(15,637</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,712</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Distributed value added</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">153,859</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">76,876</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">171,630</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">71,912</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The accompanying notes are an integral
part of these financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

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    <TD STYLE="width: 70%; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="tm225945d2_6k-img001.jpg" ALT="">&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="va_008"></A>Notes
                                to the Financial Statements<BR>
                                Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal"><P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">1.<FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="va_009"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Corporate
information</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Vale S.A. and its
subsidiaries (&ldquo;Vale&rdquo; or the &ldquo;Company&rdquo;) have as their main operational activity the production of: (i) iron ore
and iron ore pellets, which are key raw materials for steelmaking, (ii) nickel, that is used to produce stainless steel and metal alloys
employed in the production process of several products, and (iii) copper, used in the construction sector to produce pipes and electrical
wires. The Company also produces platinum group metals, gold, silver, and cobalt, as by-products of its main metals and produces thermal
and metallurgical coal, considered a discontinued operation as at December 31, 2021 (note 16a). In addition, Vale operates a railroad
and port logistics system in Brazil to outflow its production. The information by segment is presented in note 4.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Products are mainly
sold in the international market by Vale International S.A. (&ldquo;VISA&rdquo;), which is a trading company located in Switzerland.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Vale S.A. (the &ldquo;Parent
Company&rdquo;) is a public company headquartered in the city of Rio de Janeiro, Brazil with securities traded on the stock exchanges
of S&atilde;o Paulo &ndash; B3 S.A. (VALE3), New York - NYSE (VALE) and Madrid &ndash; LATIBEX (XVALO).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #007E7A; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><A NAME="va_010"></A>2.
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of preparation of financial statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The consolidated and
individual financial statements of the Company (&ldquo;financial statements&rdquo;) have been prepared and are presented in accordance
with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;),
as implemented in Brazil by the Brazilian Accountant Pronouncements Committee (&quot;CPC&quot;), approved by the Brazilian Securities
Exchange Commission (&quot;CVM&quot;) and by the Brazilian Federal Accounting Council (&ldquo;CFC&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">All relevant information
from its own financial statements, and only this information, are presented and correspond to those used by the Company's Management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The financial statements
have been prepared on a historical cost basis and adjusted to reflect: (i) the fair value of certain financial assets and liabilities
(including derivative instruments), as well as pension plans assets and (ii) assets impairment. Assets held for sale are measured at
the lower of carrying amount and fair value less costs to sell.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">As described in note
16, the coal segment is presented in these financial statements as a discontinued operation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">These financial statements
were authorized for issue by the Board of Directors on February 24, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>a)
Statement of Value Added</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The presentation of
the parent company and consolidated statements of value added is required by the Brazilian corporate legislation and the accounting practices
adopted in Brazil for listed companies, while it is not required by IFRS. Therefore, under the IFRS, the presentation of such statements
is considered supplementary information, and not part of the set of financial statements. The Statement of Value Added was prepared in
accordance with the criteria defined in Technical Pronouncement CPC 09 - &quot;Statement of Value Added&quot;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>b)
Principles for consolidation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company's financial
statements reflect the assets, liabilities and transactions of the Parent Company and its direct and indirect subsidiaries (&ldquo;subsidiaries&rdquo;).
Intercompany balances and transactions, which include unrealized profits, are eliminated. A list of the most relevant companies, including
subsidiaries, associates and joint ventures, and the accounting policies applied in the preparation of the consolidated financial statements
are described in note 15.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>c)
Functional currency and presentation currency</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The financial statements
of the Company and its associates and joint ventures are measured using the currency of the primary economic environment in which the
entity operates (&ldquo;functional currency&rdquo;), in the case of the Parent Company and its associates and joint ventures in Brazil,
is the Brazilian real (&ldquo;R$&rdquo;). The functional currency of direct subsidiaries operating in an international economic environment
is the US dollar (&ldquo;US$&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="tm225945d2_6k-img001.jpg" ALT="">&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                to the Financial Statements<BR>
                                Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The income statement
and cash flows statements of the investees, with a different functional currency from the Parent Company, are translated into Brazilian
real at the average monthly exchange rate, the assets and liabilities are translated at the final rate and the other equity items are
translated at the historical rate. All monetary exchange differences are recognized in comprehensive income as &ldquo;Translation adjustments&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">When a foreign operation
is totally or partially disposed, the monetary exchange differences that were recorded in the stockholders&rsquo; equity are recognized
in the income statement for the year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The main exchange
rates used by the Company to translate its foreign operations are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Closing rate</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Average annual rate</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">US Dollar ("US$")</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.5805</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.1967</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4.0307</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.3956</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.1578</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.9461</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Canadian dollar ("CAD")</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4.3882</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4.0771</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.1034</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4.3042</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.8480</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2.9746</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Euro ("EUR")</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6.3210</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6.3779</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4.5305</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6.3784</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.8989</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4.4159</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>d)
Critical accounting estimates and judgments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The preparation of
financial statements requires the use of critical accounting estimates and judgment by management in applying the Company&rsquo;s accounting
policies. These estimates are based on experience, best knowledge, information available at the date of statement of financial position
and other factors, including expectations of future events that are believed to be reasonable under normal circumstances. Changes in
facts and circumstances may lead to the revision of these estimates. Actual future results may differ from estimates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The impacts of the
pandemic and the initiatives related to climate change, described in e) and f) below, were considered in the preparation of these financial
statements and the key assumptions related to these topics were considered in the preparation of the critical accounting estimates that
are applied in the Company&rsquo;s long-term models.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The significant estimates
and judgments applied by the Company in the preparation of these financial statements are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; font-weight: bold; text-align: justify">Note</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; font-weight: bold; text-align: justify">Significant estimates and judgments</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%; font-size: 10pt; color: Black; font-weight: bold; text-align: left">7</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="width: 88%; font-size: 10pt; color: Black; text-align: justify">Streaming transactions</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">8</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify">Deferred income taxes and uncertain tax positions</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">15</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify">Consolidation</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">18</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify">Mineral reserves and mines useful life</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">19</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify">Impairment of assets</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">20</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify">Fair values estimate</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">24</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify">Liabilities related to Brumadinho</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">25</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify">Liabilities related to associates and joint ventures</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">26</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify">Provision for de-characterization of dam structures and asset retirement obligations</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">28</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify">Litigation</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">29</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: justify">Employee post-retirement obligations</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: teal; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">e)
COVID-19 impacts</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">A
significant portion of the Company's revenue is derived from sales to customers in Asia and Europe, regions that have had their economic
activities affected as a result of the COVID-19 pandemic. The Company also has an extensive logistics and supply chain, including several
ports, distribution centers and suppliers that have operations in those affected regions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company continues to monitor the impacts of the pandemic, including the effects on economic activity and on its financial statements.
Despite several challenges imposed by the COVID-19, the effects of the pandemic have not significantly impacted the fair value of the
Company's assets and liabilities to date. However, if the pandemic continues or increases in intensity in the regions where the Company
operates, the financial condition or results of operations could still be negatively impacted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company has pledged R$238 (US$44 million) to support humanitarian aid programs in the communities where it operates, with special
focus on Brazilian communities that have been more adversely affected by the pandemic. This amount was used to purchase medical
supplies and equipment and were recognized as &quot;Other operating expenses&quot; in the income statement for the year ended
December 31, 2021 (R$592 (US$109 million) in the income statement for the year ended December 31, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="tm225945d2_6k-img001.jpg" ALT="">&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                to the Financial Statements<BR>
                                Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>


<P STYLE="color: teal; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">f)
Climate changes</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company has made
a commitment to reduce carbon emissions from its mining operations, in line with the Paris Agreement goal of limiting global warming
to less than 2 &deg;Celsius (35.6 &ordm;F).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company's strategy
considers as main objectives: (i) 33% reduction by 2030 in emissions released into the atmosphere as a direct result of its operations
(&ldquo;scope 1&rdquo;) and indirect emissions from electricity purchased by the Company (&ldquo;scope 2&rdquo;), already considering
the increase in production levels projected for upcoming years; (ii) 100% of electricity consumption from a renewable matrix by 2030;
(iii) 15% reduction by 2035 of indirect emissions not included in scope 2 (&ldquo;scope 3&rdquo;); and (iv) neutrality of scope 1 and
2 emissions by 2050.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">To meet these
objectives, the Company announced investments from R$22,000 to R$33,000 (US$4 billion to US$6 billion) by 2030 to reduce scope 1 and
2 emissions through the implementation of low carbon technologies. Expenses disbursed will be accounted in the period when
incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The investment plan
and the Company's strategy for the risk of climate change were assessed in the context of the Company's critical accounting judgments
and main estimates. Future changes in this strategy or in the global scenario may affect the Company's main estimates. As a result, they
may have a material impact on the income statement and on the carrying value of assets and liabilities of the Company's future financial
statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>g)
Significant accounting policies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Certain new accounting
standards and interpretations have been published that are not mandatory for December 31, 2021, reporting periods or have not impacted
these financial statements. The Company did not early adopt any of these standards and does not expect them to have a material impact
on the entity in future reporting periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Significant accounting
policies used in the preparation of these financial statements are disclosed in the respective notes and have been consistently applied
to all years presented, except for the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>g.i)
IAS 21 (CPC 02) - Effects of changes in exchange rates and conversion of financial statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">IAS 21 defines that
exchange differences arising from transactions and balances of foreign operations are recognized and accumulated in equity until this
operation is fully or partially disposed. The IFRS Interpretations Committee defined that &ldquo;partial disposal&rdquo; of investment
can be interpreted as (i) reduction in the percentage of equity interest; or (ii) reduction in the absolute value of the investment through
the reduction of the investee's capital, even if the investor&rsquo;s percentage of ownership interest is not changed. Therefore, according
to this interpretation, there is an accounting policy choice regarding the definition of partial disposal and, consequently, for the
reclassification of cumulative translation adjustments in this context.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In 2021, Vale has
determined its first capital return from a subsidiary, mainly due to the review of intragroup cash flows vis-&agrave;-vis the dividend
policy in place and considering the profit reserves available for distribution to stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In December 2021,
the Company approved a capital reduction in the amount of R$17,109 (US$3,000 million) of VISA, a wholly-owned foreign subsidiary (note
15). The amount received in December 2021 was determined as a return of the Company&rsquo;s investment in VISA, which led to a reduction
in the investment held by the Parent Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Following this new
transaction, Vale concluded that capital reductions in foreign operations will be better reflected in its financial statements through
the application of the absolute value approach, as described in ii) above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Therefore, the
return of capital was determined as a partial disposal and, in accordance with the requirements of IAS 21, the exchange differences
recorded in the stockholders&rsquo; equity were reclassified to the income statement in the same proportion as the reduction in the
net investment held in VISA, leading to a gain of R$13,634 (US$2,413 million) presented as &ldquo;Other financial items, net&rdquo;
(note 6). The remaining balance of cumulative translation adjustments of VISA represents R$34,841 (US$6,243 million) as at December
31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>g.ii)
IFRS 2 (CPC 10) - Share-based payment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">IFRS 2/CPC 10
defines that the accounting for share-based payments depends on the form of settlement of the plans, which can be
 &ldquo;cash-settled&rdquo; or &ldquo;equity-settled&rdquo;. When a plan is settled in cash, the payment obligation to the employee
is recognized as a liability, which is updated to fair value recognized in the income statement at each reporting date and on the
settlement date of the obligation. When the plan is settled with equity instruments, the fair value of the plan is calculated only on the
grant date of the benefit and the fair value of the plan is recognized in the income statement for the year on a straight-line basis
to equity over the period of service required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="tm225945d2_6k-img001.jpg" ALT="">&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                to the Financial Statements<BR>
                                Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Until December 2020,
the long-term incentive programs for the Company's executives, were recorded as liabilities based on the practice adopted by the Company
to settle its obligation related to these programs with cash payment instead of Vale&rsquo;s stocks for its executives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">On April 30, 2021,
the modification of the Regulation of the Performance Share Unit program (&ldquo;PSU&rdquo;) was approved at the Ordinary and Extraordinary
Annual General Meeting (&ldquo;date of modification&rdquo;), enabling the use of treasury shares of the Company to settle the obligation.
Thus, the plans started to be treated as &ldquo;settled with equity instruments&rdquo; and their fair value was remeasured on the modification
date. The effects of this change are detailed in note 29.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><A NAME="va_011"></A>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
events in the current year</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">Financial
Position, Cash Flows and Income Statement of the Company were particularly affected by the following events and transactions during the
year ended December 31, 2021:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">Discontinued
operation - coal (note 16a) &ndash; <FONT STYLE="font-weight: normal">As part of the strategic sustainable mining agenda, in 2021,
the Company acquired a noncontrolling interest in the coal mine in Mozambique and a controlling interest in the Nacala Logistics
Corridor. These corporate reorganization steps allowed, in December 2021, to enter into a binding agreement with Vulcan Minerals
(&ldquo;Vulcan&rdquo;) for the sale of the interest in the coal and logistics assets. As a result, the segment is now presented as a
discontinued operation in these financial statements and impairment of R$17,178 (US$3,282 million) were recognized throughout 2021
as &ldquo;Impairment and disposals of non-current assets&rdquo; in the income statement for discontinued
operations.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">Cumulative
translation adjustments (notes 6 and 15) &ndash; <FONT STYLE="font-weight: normal">In 2021, the Company recognized gains in the
amount of R$17,918 (US$3,184 million), as &ldquo;Other financial items, net&rdquo;, due to the reclassification of cumulative
exchange variation in equity from (i) capital reduction of a foreign wholly-owned subsidiary; and (ii) the liquidation of a
wholly-owned subsidiary previously operating in international iron ore logistics.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">De-characterization
of dams (note 26) &ndash; <FONT STYLE="font-weight: normal">The Company updated its estimates of expenditures to work on
de-characterization of upstream dams, located in Brazil, considering new engineering and geotechnical solutions. Different
approaches to new risks and the use of remotely operated equipment and reinforcement of the containment plans of certain dams
resulted in a supplement to the provision of R$9,747 (US$1,725 million) and the impact on the income statement for the year is
presented as &ldquo;Brumadinho event and de-characterization of dams&rdquo;.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">Funda&ccedil;&atilde;o
Renova (note 25) &ndash; <FONT STYLE="font-weight: normal">New court decisions were issued on individual compensation for residents
of cities impacted by the Fund&atilde;o dam failure, impacted the provision related to Funda&ccedil;&atilde;o Renova as at December
31, 2021. These decisions mainly changed and expanded the concept of damage, categories, indemnifiable amounts and affected
municipalities. The Company complemented the provision by R$9,253 (US$1,699 million) and the impact on the income statement for the
year is presented as &ldquo;Equity results and other results in associates and joint ventures&rdquo;.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">Remuneration
to stockholders (note 30c) &ndash; <FONT STYLE="font-weight: normal">In 2021, the Company paid dividends and interest on capital to its
stockholders in the amount of R$73,112 (US$13,483 million).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">Share
buyback and cancellation (note 30b) &ndash; <FONT STYLE="font-weight: normal">In 2021, the Company approved common share buyback
programs, of up to 470,000,000 shares, including their respective ADRs. As at December 31, 2021, the Company had repurchased
291,184,500 common shares and their respective ADRs, corresponding to the total amount of R$29,121 (US$5,546 million). In 2021, the
Company approved the cancellation of 152,016,372 common shares held in treasury, equivalent to R$6,347 (US$2,401 million). In
February 2022 (subsequent event) the Company approved the cancellation of 133,418,347 shares, also held in
treasury.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">Early
redemption of debt security (notes 6 and 23) &ndash; <FONT STYLE="font-weight: normal">In 2021, the Company early redeemed the 3.75%
bonds with maturity date in January 2023, in the total amount of R$4,946 (EUR750 million), and paid a premium of R$354 (US$63
million), recorded as &ldquo;Expenses with cash tender offer redemption&rdquo;. The other debt payments made in the year were
according with the payment schedule defined in the terms of each loan contracted.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Sale
of Mosaic shares (note 14a) &ndash; <FONT STYLE="font-weight: normal">In 2021, the Company sold its entire investment in Mosaic
shares for the total amount of R$6,919 (US$1,259 million) and the effects of this transaction were recorded in the
stockholders&rsquo; equity, therefore, there was no impact in the income statement for the year ended December 31,
2021.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 70%; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="tm225945d2_6k-img001.jpg" ALT="">&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                to the Financial Statements<BR>
                                Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: black">Sale
of interest in VNC (notes 6, 15 and 19) &ndash; <FONT STYLE="font-weight: normal">In 2021, the Company concluded the sale of its
interest in Vale Nouvelle-Cal&eacute;donie SAS (&ldquo;VNC&rdquo;) to Prony Resources New Caledonia consortium. Upon completion of
this transaction, the Company recognized a gain of R$6,391 (US$1,132 million) referring to the cumulative translation adjustments
that were recorded in equity to the income statement, as &ldquo;Other financial items, net&rdquo;.</FONT></FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B><A NAME="va_012"></A>4.
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information by business segment and geographic area</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company operates
the following reportable segments: Ferrous Minerals, Base Metals and Coal (presented as discontinued operations). The segments are aligned
with products and reflect the structure used by Management to evaluate the Company&rsquo;s performance. The responsible bodies for making
operational decisions, allocating resources and evaluating performance are the Executive Boards and Board of Directors. Accordingly,
the performance of the operating segments is assessed based on a measure of adjusted LAJIDA (EBITDA), among other measures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company allocates
to &ldquo;Others&rdquo; the revenues and cost of other products, services, research and development, investments in joint ventures and
associates of other business and unallocated corporate expenses. Costs related to the Brumadinho event are  allocated to &quot;Others&quot; as well.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The main activities
of the operating segments are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Ferrous minerals
 &ndash;</B> Comprise of the production and extraction of iron ore, iron ore pellets, manganese, other ferrous products, and its logistic
related services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Base metals -</B>
Include the production and extraction of nickel and its by-products (gold, silver, cobalt, precious metals and others), and copper, as
well as its by-products (gold and silver).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Coal (discontinued
operation) &ndash;</B> Comprise of the production and extraction of metallurgical and thermal coal and its logistic related services.
The set of assets related to this segment is classified as &ldquo;Non-current assets and liabilities related to assets held for sale&rdquo;
(note 16).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>a)
Adjusted LAJIDA (EBITDA)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The definition of
Adjusted LAJIDA (EBITDA) for the Company is the operating income or loss plus dividends received and interest from associates and joint
ventures, and excluding the amounts charged as (i) depreciation, depletion and amortization and (ii) impairment and disposal of non-current
assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center">Net operating<BR>
 revenue</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center">Cost of goods<BR>
 sold and<BR>
 services<BR>
 rendered&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center">Sales,<BR>
 administrative<BR>
 and other<BR>
 operating<BR>
 expenses</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center">Research and<BR>
 evaluation</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center">Pre operating<BR>
 and operational<BR>
 stoppage</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center">Dividends<BR>
 received and<BR>
 interest from<BR>
 associates and<BR>
 joint ventures</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center">Adjusted<BR>
 LAJIDA<BR>
 (EBITDA)</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Ferrous minerals</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: left">Iron ore</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">208,242</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(61,860</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(720</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,073</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,791</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">55</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">142,853</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Iron ore pellets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37,951</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12,051</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">164</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(254</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">386</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,181</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Ferroalloys and manganese</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">937</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(634</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(82</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">209</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Other ferrous products and services</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,013</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,511</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">48</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">529</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">249,143</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(76,056</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(511</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,109</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,136</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">441</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">169,772</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Base metals</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Nickel and other products</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,148</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(19,480</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(36</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(416</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(573</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,643</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Copper</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,977</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,733</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(47</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(437</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(22</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,738</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">43,125</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(24,213</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(83</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(853</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(595</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,381</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Brumadinho event and de-characterization of dams</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,379</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,379</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">COVID-19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(238</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(238</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Others (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,256</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,568</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,756</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(996</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(18</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">602</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,480</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Total of continuing operations</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">293,524</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(101,837</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(18,967</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,958</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,749</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,043</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">168,056</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Discontinued operations &ndash; Coal</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,877</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,145</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(141</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(39</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">424</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">299,401</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(108,982</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(19,108</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,997</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,749</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,467</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">167,032</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">(i) Includes the
negative EBITDA of VNC in the amount of R$358 (US$65 million), since upon the decision to sell this operation, the bodies
responsible for making decisions on the Company's operating performance no longer analyze this operation as part of the Base Metals
operating segment (notes 15 and 19).</FONT></P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="tm225945d2_6k-img001.jpg" ALT="">&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                to the Financial Statements<BR>
                                Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="26" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="26" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Year
    ended December 31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Net
    operating<BR>
    revenue</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Cost
    of goods<BR>
    sold and<BR>
    services<BR>
    rendered</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Sales,<BR>
    administrative<BR>
    and other<BR>
    operating<BR>
    expenses</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Research
    and<BR>
    evaluation</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Pre
    operating<BR>
    and operational<BR>
    stoppage</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Dividends<BR>
    received and<BR>
    interest from<BR>
    associates and<BR>
    joint ventures</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Adjusted<BR>
    LAJIDA<BR>
    (EBITDA)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Ferrous minerals</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 23%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Iron
    ore</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">142,478</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(42,391</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(958</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(663</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,708</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">117</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">95,875</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Iron ore pellets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">22,043</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(8,562</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">52</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(25</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(390</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">608</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">13,726</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Ferroalloys and
    manganese</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,177</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(915</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(11</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(159</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">92</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Other
    ferrous products and services</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,667</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,301</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">14</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(8</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">8</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">380</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">167,365</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(53,169</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(892</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(707</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(3,257</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">733</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">110,073</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Base metals</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Nickel and other
    products</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">24,112</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(14,242</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(115</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(209</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(156</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">9,390</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Copper</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">11,356</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4,087</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(35</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(351</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">6,879</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">35,468</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(18,329</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(150</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(560</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(160</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">16,269</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Brumadinho event
    and de-characterization of dams</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(27,016</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(27,016</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">COVID-19</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(592</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(592</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Others
    (i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,265</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4,146</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4,845</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(883</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(60</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">171</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(6,498</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Total
    of continuing operations</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">206,098</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(75,644</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(33,495</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,150</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(3,477</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">904</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">92,236</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Discontinued
    operations &ndash; Coal</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2,431</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(7,536</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(83</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(142</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">434</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4,896</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">208,529</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(83,180</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(33,578</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,292</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(3,477</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,338</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">87,340</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">(i) Includes the reclassification of
the negative EBITDA of VNC in the amount of R$764 (US$150 million), since upon the decision to sell this operation, the bodies responsible for
making decisions on the Company's operating performance no longer analyze this operation as part of the Base Metals operating
segment (notes 15 and 19).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="26" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="26" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Year
    ended December 31, 2019</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Net
    operating<BR>
    revenue</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Cost
    of goods<BR>
    sold and<BR>
    services<BR>
    rendered</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Sales,<BR>
    administrative<BR>
    and other<BR>
    operating<BR>
    expenses</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Research
    and<BR>
    evaluation</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Pre
    operating<BR>
    and operational<BR>
    stoppage</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Dividends<BR>
    received and<BR>
    interest from<BR>
    associates and<BR>
    joint ventures</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Adjusted<BR>
    LAJIDA<BR>
    (EBITDA)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Ferrous minerals</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 23%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Iron
    ore</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">92,504</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(34,843</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,281</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(491</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,963</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">120</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">53,046</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Iron ore pellets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">23,446</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(10,515</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(81</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(65</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(282</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,036</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">13,539</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Ferroalloys and
    manganese</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,112</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(869</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(32</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">198</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Other
    ferrous products and services</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,705</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,278</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">37</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">461</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">118,767</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(47,505</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,393</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(569</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(3,249</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,193</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">67,244</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Base metals</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Nickel and other
    products</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">15,642</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(9,201</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(292</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(148</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(111</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">5,890</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Copper</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">7,506</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(3,569</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(22</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(173</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(81</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,661</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">23,148</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(12,770</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(314</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(321</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(192</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">9,551</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Brumadinho event
    and de-characterization of dams</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(28,818</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(28,818</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Others
    (i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2,720</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(3,645</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,050</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(754</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(43</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">230</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(3,542</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Total
    of continuing operations</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">144,635</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(63,920</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(32,575</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,644</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(3,484</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,423</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">44,435</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Discontinued
    operations &ndash; Coal</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,005</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(6,462</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(121</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">447</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,128</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">148,640</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(70,382</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(32,572</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,765</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(3,484</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,870</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">42,307</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) Includes the
reclassification of the negative EBITDA of VNC in the amount of R$932 (US$237 million), since upon the decision to sell this operation, the bodies
responsible for making decisions on the Company's operating performance no longer analyze this operation as part of the Base Metals
operating segment (notes 15 and 19).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="tm225945d2_6k-img001.jpg" ALT="">&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                to the Financial Statements<BR>
                                Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Adjusted LAJIDA (EBITDA)
is reconciled to net income (loss) as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Continuing
operations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 61%; color: Black; text-align: left; padding-bottom: 1pt">Net income from continuing operations attributable to Vale's stockholders</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">133,236</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33,789</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,485</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Net income (loss) attributable to noncontrolling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">591</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(11</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">449</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Net income from</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">133,827</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33,778</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,934</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Depreciation, depletion and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,379</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,597</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,814</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25,320</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,627</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,509</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Financial results</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(17,812</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,152</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,375</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">LAJIDA (EBITDA) from continuing operations</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">157,714</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">79,154</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,614</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Items to reconciled adjusted LAJIDA (EBITDA)</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Equity results and other results in associates and joint ventures</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,947</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,210</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,585</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Dividends received and interest from associates and joint ventures</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,043</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">904</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,423</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Impairment and disposal of non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,352</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,968</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,813</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Adjusted LAJIDA (EBITDA) from continuing operations</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">168,056</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">92,236</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">44,435</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Discontinued
operations (Coal)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 61%; color: Black; text-align: left; padding-bottom: 1pt">Loss from discontinued operations attributable to Vale's stockholders</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12,008</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,076</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,157</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Loss attributable to noncontrolling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(476</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,799</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,474</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Loss</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12,484</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,875</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,631</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Depreciation, depletion and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">359</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">82</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">937</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,336</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,602</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Financial results</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,309</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">71</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">LAJIDA (EBITDA) from discontinued operations</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(18,770</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,407</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,623</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Items to reconciled adjusted LAJIDA (EBITDA)</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Equity results in associates and joint ventures</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">144</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">226</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Dividends received and interest from associates and joint ventures (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">424</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">434</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">447</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Impairment of non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,178</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,851</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,949</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Adjusted LAJIDA (EBITDA) from discontinued operations</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,024</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,896</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,128</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) Includes the remuneration
of the financial instrument of the Coal segment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets
by segment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2021</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Product
    inventory</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Investments
    in<BR> associates and<BR> joint ventures</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Property,
    plant<BR> and equipment<BR> and intangibles </B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Product
    inventory</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Investments
    in<BR> associates and<BR> joint ventures</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Property,
    plant<BR> and equipment<BR> and intangibles</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 22%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Ferrous
    minerals</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">12,199</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">6,214</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">161,770</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">10,483</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">5,995</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">152,970</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Base metals</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">7,725</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">95</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">112,317</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">6,398</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">91</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">101,593</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Coal (note 16)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">129</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Others</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">120</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,462</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">10,195</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,471</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">7,582</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">20,044</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">9,771</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">284,282</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">17,010</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">10,557</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">262,145</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Consolidated</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Year
    ended December 31,</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Capital
    expenditures (i)</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Capital
    expenditures (i)</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Capital
    expenditures (i)</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Sustaining<BR> capital</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Project<BR> execution</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Depreciation,<BR> depletion&nbsp;and<BR> amortization</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Sustaining<BR> capital</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Project<BR> execution</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Depreciation,<BR> depletion&nbsp;and<BR> amortization</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Sustaining<BR> capital</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Project<BR> execution</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Depreciation,<BR> depletion&nbsp;and<BR> amortization</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Ferrous minerals</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">13,551</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,869</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">9,568</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">10,958</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,301</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">9,118</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">6,726</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,527</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">8,167</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Base metals</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">8,239</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,854</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">6,541</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">7,317</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,244</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">6,987</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">4,345</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">608</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">4,722</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Others
    (ii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">110</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">678</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">270</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">772</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">128</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">492</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">586</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">30</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">925</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">21,900</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">5,401</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">16,379</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">19,047</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,673</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">16,597</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">11,657</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,165</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">13,814</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) Amounts disbursed during the periods presented above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) Includes the reclassification of VNC
under the captions &ldquo;Sustaining capital&rdquo; and &ldquo;depreciation, depletion and amortization&rdquo;, in the amount of
R$749 (US$151 million) and R$228 (US$46 million), respectively, for the year ended December 31, 2020 and in the amount of R$544
(US$136 million) and R$630 (US$160 million) respectively, for the year ended December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="tm225945d2_6k-img001.jpg" ALT="">&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                to the Financial Statements<BR>
                                Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets
by geographic area</B></FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="30" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 9pt">Investments<BR>
    in associates<BR>
    and joint<BR>
    ventures</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 9pt">Intangible</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 9pt">Property,<BR>
    plant and<BR>
    equipment</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 9pt">Investments<BR>
    in associates<BR>
    and joint<BR>
    ventures</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 9pt">Intangible</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 9pt">Property,<BR>
    plant and<BR>
    equipment</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; color: black"><FONT STYLE="font-size: 9pt">Brazil</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">9,656</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">39,339</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">132,772</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">181,767</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">9,145</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">38,151</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">121,416</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">168,712</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">Canada</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">10,927</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">69,429</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">80,356</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">10,138</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">61,313</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">71,451</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">Americas, except
    Brazil and Canada</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,218</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">26</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,244</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">Europe</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">4,124</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">4,124</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">4,647</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">4,647</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">Indonesia</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">15,197</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">15,205</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">14,182</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">14,190</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">Asia, except Indonesia
    and China</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">115</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">4,879</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">4,994</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">108</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">4,940</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">5,048</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">China</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">11</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">117</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">128</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">86</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">11</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">101</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">198</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Oman</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">7,462</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">7,464</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">7,211</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">7,212</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">9,771</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">50,287</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">233,995</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">294,053</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">10,557</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">48,309</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">213,836</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">272,702</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B>d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
operating revenue by geographic area</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Ferrous minerals</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Base metals</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Others</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Americas, except United States and Brazil</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,713</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,180</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,914</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">United States of America</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,107</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,216</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,323</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Germany</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,337</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,666</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,003</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Europe, except Germany</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,698</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,602</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25,300</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Middle East, Africa, and Oceania</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,520</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,600</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Japan</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,446</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,953</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,399</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">148,153</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,914</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">154,067</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Asia, except Japan and China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,217</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,240</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Brazil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,146</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">297</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,235</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">27,678</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Net operating revenue</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">249,143</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">43,125</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,256</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">293,524</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Ferrous minerals</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Base metals</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Others</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Americas, except United States and Brazil</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,706</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">384</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,765</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,855</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">United States of America</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,270</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,066</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,336</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Germany</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,766</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,082</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,848</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Europe, except Germany</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,271</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,292</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">18,563</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Middle East, Africa, and Oceania</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,400</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">82</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,482</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Japan</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,295</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,068</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,363</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">116,298</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,827</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121,125</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Asia, except Japan and China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,747</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,881</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,628</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Brazil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,612</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">786</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,898</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Net operating revenue</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">167,365</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">35,468</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,265</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">206,098</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31, 2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Ferrous minerals</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Base metals</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Others</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Americas, except United States and Brazil</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,048</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,097</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,203</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,348</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">United States of America</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,588</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,683</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,271</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Germany</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,590</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,063</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,653</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Europe, except Germany</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,968</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,764</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,732</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Middle East, Africa and Oceania</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,175</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">79</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,254</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Japan</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,121</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,690</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,811</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">69,755</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,650</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">72,405</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Asia, except Japan and China</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,058</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,226</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,284</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Brazil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,464</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">896</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,517</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,877</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Net operating revenue</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">118,767</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23,148</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,720</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">144,635</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="tm225945d2_6k-img001.jpg" ALT="">&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                to the Financial Statements<BR>
                                Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Revenue from sales
-</B> Revenue is recognized when the control of a good or service is transferred to a customer. Since Vale&rsquo;s sales are under different
shipping terms, revenue could be recognized when the product is available at the loading port, loaded on the ship, at the port of discharge
or at the customer&rsquo;s warehouse.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">A relevant proportion
of Vale&rsquo;s sales are under Cost and Freight (&ldquo;CFR&rdquo;) and Cost, Insurance and Freight (&ldquo;CIF&rdquo;) Incoterms, in
which the Company is responsible for providing shipping services after the date that Vale transfers control of the goods to the customers.
Shipping services for CFR and CIF contracts are considered as a separate performance obligation in which a proportion of the transaction
price is allocated and recognized over time as the shipping services are provided.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In general, the contract
payment terms consider the upfront payments or the use of letters of credit. The payment terms do not have a significant financing component.
In some cases, the sale price is determined on a provisional basis at the date of sale and adjustments to the sale price subsequently
occur based on movements in the quoted market or contractual prices up to the date of final pricing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Revenue is recognized
based on the estimated fair value of the total consideration receivable, and the provisionally priced sale mechanism embedded within
these sale arrangements has the character of a derivative. Accordingly, the fair value of the final sale price adjustment is re-estimated
continuously and changes in fair value are recognized as operational revenue in the income statement.</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><A NAME="va_013"></A>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs
and expenses by nature</FONT></P>

<P STYLE="color: #00807A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #00807A"><FONT STYLE="color: Black"><B>a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Cost of goods sold and services rendered</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; color: Black">Personnel</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,218</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,380</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,592</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,747</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,701</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Materials and services</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,705</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,432</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,126</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,976</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,071</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Fuel oil and gas</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,472</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,339</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,899</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,951</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,855</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Maintenance</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,167</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,049</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,089</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,245</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,941</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Royalties (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,372</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,383</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,146</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,004</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,389</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Energy</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,446</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,460</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,249</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,762</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,541</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Acquisition of products (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,214</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,009</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,403</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,464</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Depreciation, depletion and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,430</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,304</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,517</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,896</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,001</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Freight (ii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,744</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,845</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,997</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">241</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">190</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,499</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,747</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,419</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,295</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,715</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">117,267</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">90,948</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">76,437</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">59,140</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">44,868</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Cost of goods sold</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">114,102</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">87,966</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">73,716</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">57,337</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">42,723</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Cost of services rendered</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,165</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,982</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,721</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,803</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,145</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">117,267</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">90,948</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">76,437</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">59,140</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">44,868</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) In the ferrous
minerals segment, the increase is mainly due to the significant increase in the reference price of iron ore compared to 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(ii) The increase
is mainly due to the increase in volumes of CFR sales and higher international freight prices, and the effect of the devaluation of the
R$ against the US$, considering that this cost is fully denominated in US$.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling
and administrative expenses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; color: Black">Selling</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">425</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">421</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">311</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">82</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">93</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Personnel</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">924</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">857</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">714</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">592</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">554</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Services</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">579</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">593</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">336</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">368</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">387</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Depreciation and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">227</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">251</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">221</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">91</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">89</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Advertisement</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">145</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">90</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">141</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">301</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">317</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">264</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">94</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">64</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,601</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,529</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,872</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,368</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,271</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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    <TD STYLE="width: 70%; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="tm225945d2_6k-img001.jpg" ALT="">&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                to the Financial Statements<BR>
                                Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
operating expenses, net</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Asset retirement obligations (note 26b)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">682</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,605</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">378</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">422</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Provision for litigations (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">531</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">388</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,130</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">438</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">307</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Profit sharing program</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">674</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">874</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">346</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">444</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">667</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">COVID-19 expenses (note 2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">238</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">592</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">238</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">573</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Disposals of materials and inventories</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">22</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">102</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">187</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">78</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">82</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">65</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">641</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">66</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">830</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">626</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,212</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,202</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,107</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,028</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,677</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) In 2019, includes
the change in the expected outcome of probable loss of the lawsuit related to the accident of ship loaders, at the Praia Mole maritime
terminal, in Esp&iacute;rito Santo.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B><A NAME="va_014"></A>6.
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial results</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Financial income</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; color: black; text-align: left">Short-term investments</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,222</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">646</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">982</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">830</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">295</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">Others (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">600</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">924</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">820</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">233</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">413</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,822</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,570</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,802</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,063</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">708</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Financial expenses</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Loans and borrowings gross interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,628</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,814</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,716</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(4,448</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(5,229</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Capitalized loans and borrowing costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">318</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">345</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">551</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">318</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">345</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Participative stockholders' debentures</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,691</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(8,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(5,687</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,691</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(8,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Interest on REFIS</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(294</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(275</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(605</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(295</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(265</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Interest on lease liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(338</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(333</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(278</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(102</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Financial guarantees (ii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,536</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,462</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,452</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,536</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,462</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Expenses with cash tender offer repurchased</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(354</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(354</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,491</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,877</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,212</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,704</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(785</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(8,942</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(16,666</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(14,499</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(8,711</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(16,748</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Other financial items, net</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Net foreign exchange gains (losses)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,172</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,741</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">263</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,815</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,318</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Derivative financial instruments (note 20)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(153</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(5,526</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">926</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(680</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(4,872</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Reclassification of cumulative translation adjustments to the income statement (notes 2 and 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">24,367</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">Indexation losses, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,454</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(789</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,867</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(908</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,001</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">24,932</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(9,056</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(678</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">227</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(8,191</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">17,812</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(24,152</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(13,375</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(7,421</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(24,231</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) 2020 includes
amounts related to Eletrobras contingent assets in the amount of R$301 (US$59 million) (note 28e).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(ii) Refers to the
fair value adjustments on financial guarantees given to associates due to their rating improvement, leading to a decrease in the probability
of default on the guaranteed loans (notes 15c and 23e).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Transactions in foreign
currencies are translated into the functional currency using the exchange rate prevailing at the transaction date. The foreign exchange
gains and losses resulting from the translation at the exchange rates prevailing at the end of the year are recognized in the income
statement as &ldquo;financial income or expense&rdquo;. The exceptions are transactions related to qualifying net investment hedges or
items that are attributable to part of the net investment in a foreign operation, for which gains, and losses are recognized as a component
of other comprehensive income.</FONT></P>



<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B><A NAME="va_015"></A>7.
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streaming transactions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Cobalt
streaming</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In June 2018, the
Company entered into two different agreements, one with Wheaton Precious Metals Corp (&ldquo;Wheaton&rdquo;) and the other with Anglo
Pacific Group (&ldquo;APG&rdquo;), to sell a stream equivalent to 75% of the cobalt to be extracted as a by-product from the Voisey&rsquo;s
Bay mine, in Canada. Upon completion of the transaction, the Company received an aggregate upfront payment of US$690, which the
Company has been investing on the Voisey&rsquo;s Bay underground mine expansion project.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="tm225945d2_6k-img001.jpg" ALT="">&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                to the Financial Statements<BR>
                                Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The operation was
bifurcated into two identifiable components (i) US$130  allocated to property, plant and equipment, which is amortized over the
useful life of the mine, together with the depreciation of assets related to the Voisey's Bay underground mine; and (ii) US$560
as a contract liability related to the services for cobalt extraction to the extent that Vale operates as an agent for Wheaton and APG.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Wheaton and APG are
entitled to receive 42.4% and 32.6%, respectively, of cobalt equivalent to the production from the Voisey's Bay mine, while Vale retains
the rights to 25% of the production. Vale also receives additional payments of 20%, on average, of the market reference price for cobalt,
for each pound of finished cobalt delivered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">As at December
31, 2021, the outstanding contract liability balance is R$2,817 (US$505 million) (R$3,586 (US$690 million) as at December 31,
2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Gold
streaming</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Between 2013 and 2016,
the Company received cash proceeds of US$3,600  from Wheaton to sell the mining right related to part of the gold extracted as
a by-product of the Salobo copper and nickel mines in Sudbury. Since then, Wheaton holds the rights to 75% of the contained gold in the
copper concentrate from the Salobo mine and 70% of the gold extracted as a by-product of the Sudbury nickel mines.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The transactions were
bifurcated into two identifiable components (i) the sale of the mineral rights and, (ii) the contract liability related to the services
for gold extraction on the portion in which Vale operates as an agent for Wheaton gold extraction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">As at December
31, 2021, the outstanding contract liability is R$7,110 (US$1,274 million) (R$6,833 (US$1,315 million) as at December 31,
2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company recognizes
contract liabilities in the event it receives payments from customers before a sale meets criteria for revenue recognition. Proceeds
received under the terms of the streaming transaction are accounted for as &ldquo;streaming transactions&rdquo; and included within liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Contract liability
is initially recognized at fair value, net of transaction costs incurred, and is subsequently carried at amortized cost and updated using
the effective interest rate method. Contract liability is released in the income statement based on the volume produced compared to the
total proved and probable reserves of gold or cobalt.</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Critical
accounting estimates and judgments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Defining the gain
on sale of mineral interest and the contract liabilities portion of the gold transaction requires the use of critical accounting estimates
including, but not limited to: (i) allocation of costs between the product and the by-product based on relative prices; (ii) expected
margin for the independent components (sale of mineral rights and service for gold and cobalt extraction); and (iii) discount rates used
to measure the present value of future inflows and outflows.</FONT></P>



<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><A NAME="va_016"></A>8.
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">a)
Deferred income tax assets and liabilities</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #007E7A; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Taxes losses carryforward</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">32,128</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">22,490</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">22,777</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">13,491</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Temporary differences:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Employee post retirement obligations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,812</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,866</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,028</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,320</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Provision for litigation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,933</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,852</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,928</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,778</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Timing differences arising from assets and liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">24,463</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">22,505</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">23,106</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">21,289</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: black">Fair value of financial instruments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">7,664</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">7,040</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">7,664</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">7,040</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Allocated goodwill</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(15,944</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(13,633</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">297</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">393</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,384</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,158</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">21,225</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">22,023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">31,342</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">29,269</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">53,353</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">44,513</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">54,119</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">42,760</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">63,847</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">53,711</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">54,119</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">42,760</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">Liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(10,494</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(9,198</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">53,353</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">44,513</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">54,119</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">42,760</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="tm225945d2_6k-img001.jpg" ALT="">&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                to the Financial Statements<BR>
                                Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Changes in deferred
tax are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Assets</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Liabilities</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Deferred taxes, net</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Deferred taxes, net</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Balance at December 31, 2019</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37,151</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,585</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,566</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28,770</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Taxes losses carryforward</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(119</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(119</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,614</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Timing differences arising from assets and liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,675</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,675</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,988</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Fair value of financial instruments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,793</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,793</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,793</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Allocated goodwill</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(542</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">542</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">310</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">310</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,395</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Effect in income statement</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,659</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(542</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,201</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,000</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Transfers between assets and liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">178</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">178</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Merger of subsidiaries</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(58</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Translation adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,977</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other comprehensive income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">144</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">191</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">48</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"> Tax loss carryforward
    from coal operations  (note 16)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,602</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,602</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Balance at December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">53,711</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,198</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">44,513</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">42,760</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Taxes losses carryforward</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,347</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,347</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,285</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Timing differences arising from assets and liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,337</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,337</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,503</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Fair value of financial instruments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">319</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">319</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">319</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Allocated goodwill</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">731</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(731</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(513</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(513</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Effect in income statement</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,490</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">731</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,759</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,095</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Transfers between asset and liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(786</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(786</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Merger of Ferrous Resources do Brasil (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">338</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Translation adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,177</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">575</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">602</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other comprehensive income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(77</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">776</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(853</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Transfer to Held for sale</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Tax loss carryforward
    from coal operations  (note 16)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,336</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,336</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Balance at December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">63,847</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,494</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">53,353</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54,119</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Tax loss carryforward
does not expire in the Brazilian jurisdiction and their compensation is limited to 30% of the taxable income for the year. The local
profits of foreign subsidiaries are also taxed in Brazil and there is no restriction on their offset against tax losses generated previously
by the foreign entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #007E7A"><FONT STYLE="color: Black"><B>b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Income
tax reconciliation &ndash; Income statement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The total amount presented
as income taxes in the income statement is reconciled to the statutory rate, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Income (loss) before income taxes</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">159,147</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">38,405</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(575</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">138,071</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">27,452</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Income taxes at statutory rate &ndash; 34%</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(54,110</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(13,058</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">196</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(46,944</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,334</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Adjustments that affect the basis of taxes:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Income tax benefit from interest on stockholders' equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,400</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,660</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,400</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,660</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Tax incentives</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,092</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,184</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">736</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,187</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">363</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Equity results</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">896</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(113</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">330</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,555</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,796</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Addition of tax loss carryforward (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,408</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,984</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,755</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,559</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Unrecognized tax losses of the year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(622</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,096</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,209</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Others (ii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,616</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,812</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">887</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">204</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,783</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Income taxes</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(25,320</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,627</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,509</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(16,843</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(739</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">(i)
In 2020, it refers mainly to exchange variation on tax loss carryforwards of foreign subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">(ii)
In 2021, it refers substantially to the     reclassification of cumulative translation adjustments to the income statement
for the year (note 15). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: #007E7A"><FONT STYLE="color: Black"><B>c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Tax
incentives</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In Brazil, the Company
has tax incentives to partially reduce the income tax generated by the operations conducted in the North and Northeast regions that includes
iron ore, copper, and nickel. The incentive is calculated based on the taxable income of the incentive activity (tax operating income)
and considers the allocation of tax operating income into different incentives applicable to different tranches of production during
specified periods for each product, usually 10 years. Most of the Company&rsquo;s incentives are expected to expire until 2024 and the
last recognized tax incentive will expire in 2027. An amount equal to that obtained with the tax saving must be appropriated in retained
earnings reserve account in stockholders&rsquo; equity and cannot be distributed as dividends to stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; border-bottom: Black 1pt solid; width: 50%; vertical-align: bottom"><B>Notes to the Financial Statements<BR>
Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; width: 40%"><B><IMG SRC="tm225945d2_6kimage1.jpg" ALT="">&nbsp;</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In addition to those
incentives of the income tax due, the Company can reinvest the acquisition of new machinery and equipment, subject to subsequent approval
by the responsible regulatory agency, Superintendence for the Development of the Amazon (&ldquo;SUDAM&rdquo;). The reinvestment subsidy
expected to expire in 2023, is accounted in retained earnings reserve account, which restricts its distribution as dividends to stockholders.</FONT></P>

<P STYLE="color: Navy; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company is subject
to the assessment of income tax by local tax authorities in a range up to 10 years depending on jurisdiction where the Company operates.</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">d)
 &nbsp;&nbsp;&nbsp;&nbsp;Income taxes - Settlement program (&ldquo;REFIS&rdquo;)</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Consolidated</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Year ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Current liabilities</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,810</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,769</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">Non-current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">10,962</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">12,493</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt">REFIS liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">12,772</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">14,262</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">SELIC rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">9.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The balance is mainly
related to the settlement program of claims regarding the collection of income tax and social contribution on equity gains of foreign
subsidiaries and affiliates from 2003 to 2012. As at December 31, 2021, the payment is parceled in 82 months (94 monthly parcels as at
December 31, 2020), bearing SELIC interest rate (Special System for Settlement and Custody).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">e)
 &nbsp; Uncertain tax positions</FONT></P>

<P STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Navy; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company is engaged
in discussions with the tax authorities in Brazil related to certain tax positions adopted in the calculation of income tax and social
contribution on net income, which current analysis of prognosis, based on internal and external assessment of legal advisors, is that
they are likely to be accepted in decisions by higher courts of appeals. However, the final determination is uncertain and depends on
factors not controlled by the Company, such as changes in case law and changes in tax laws and regulations.</FONT></P>

<P STYLE="color: Navy; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The assessed
amount under discussion with the tax authorities is R$19,780 (US$3,544 million) as at December 31, 2021 (R$11,930 (US$2,296 million)
as at December 31, 2020). In addition, if the tax authority does not accept the tax treatment adopted by the Company in relation to
these matters, there would also be a reduction of tax losses in the amount of R$3,080 (US$552 million) (R$2,340 (US$450 million) as
at December 31, 2020). A summary of these proceedings under discussion, previously disclosed as contingencies with possible risk of
loss, and their potential effects, is presented below:</FONT></P>

<P STYLE="color: Navy; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(e.i) Transfer
pricing over the exportation of ores to a foreign subsidiary</U></I></FONT></P>

<P STYLE="color: Navy; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company was assessed
for the IRPJ and CSLL, for the years of 2015, 2016 and 2017 since the tax agent has disregarded the intermediation cost used in the calculation
of the transfer pricing over the exportation of iron ore, pellets, copper and manganese to its foreign controlled company. The Company
is challenging these assessments in the administrative level and a decision is pending.</FONT></P>

<P STYLE="color: Navy; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company maintains
the method of calculating the transfer price, as it considers it to be the most appropriate tax treatment for interpreting the rules
in force and applicable to the subject, while discussing the aforementioned charges at the administrative level.</FONT></P>

<P STYLE="color: Navy; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The total amount
in dispute is R$3,732 (US$669 million) as at December 31, 2021 (2020: R$3,614 (US$695 million)). In addition, there was a reduction
of the tax losses from 2015, 2016 and 2017, with the corresponding tax impact of R$1,883 (US$337 million). The amount under
discussion is R$10,519 (US$1,885 million) for the 2018 to 2021 fiscal years.</FONT></P>

<P STYLE="color: Navy; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(e.ii) Expenses
of interest on capital (&ldquo;JCP&rdquo;)</U></I></FONT></P>

<P STYLE="color: Navy; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In 2021, Vale
received assessments for the collection of IRPJ, CSLL and fines, on the grounds that the deduction of JCP was improper, referring to
the base years of 2017 and 2018. The amount under discussion is R$5,477 (US$981 million) as at December 31 2021 (R$3,423 (US$659
million) as at December 31, 2020). In addition, the tax effect of the potential reduction in the tax loss carryforward is R$699
(US$125 million). The Company presented administrative defenses for these assessments and is awaiting a decision.</FONT></P>

<P STYLE="color: Navy; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(e.iii) Deduction
of CSLL in Brazil</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In 2004, a definitive
decision of the Superior Court of Justice (&ldquo;STJ&rdquo;) granted to the Company the right to deduct the Social Contribution on Net
Income (&ldquo;CSLL&rdquo;) from the taxable base of the corporate income tax (&ldquo;IRPJ&rdquo;). The Federal Government filed a rescission
action (&ldquo;<I>a&ccedil;&atilde;o rescis&oacute;ria</I>&rdquo;) in 2006, seeking to reverse the 2004 decision. In 2019, the Federal
Court of Appeals (&ldquo;TRF&rdquo;) upheld the rescission action and, although the decision was not final, the Company decided not to
deduct the CSLL from the taxable income from 2018.</FONT></P>

<P STYLE="color: Navy; font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 50%"><B>Notes to the Financial Statements<BR>
Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 10%"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right; width: 40%"><B><IMG SRC="tm225945d2_6kimage1.jpg" ALT="">&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In November 2020,
the Company received a tax assessment notice for the collection of IRPJ for the years 2016 and 2017, related to the deduction of
CSLL from the respective years in which Vale was supported by a final court decision. The total amount assessed is R$2,357 (US$422
million) on the base date of these financial statements (2020: R$2,259 (US$435 million)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Vale believes that
the rescission action brought by the Federal Government is not applicable (Precedent&nbsp;343 issued by the Brazilian Supreme Court)
and, even if it were, the fiscal years prior to the eventual favorable decision on the rescission action could not be charged to the
Company. Any understanding conflicting to that interpretation violates the Brazilian legal framework and the consolidated jurisprudence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(e.iv) Goodwill
amortization</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company received tax assessment notices for the periods between 2013 and 2016, due to the deduction of goodwill amortization
expenses recorded by Vale in the acquisition of CAEMI, after its merger by Vale. The Company is discussing the charges at the
administrative level and the potential loss is classified as possible in the amount of R$1,603 (US$287 million) as at December 31,
2021 (R$1,558 (US$300 million) as at December 31, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(e.v) Proceeding
related to income tax paid abroad</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">In
2021, Vale received a tax assessment for the collection of R$2,225 (US$399 million) due to the disregard of taxes paid abroad that
were offset by the IRPJ debt in 2016. Tax authorities allege the Company has failed to comply with the applicable rules relating to
the offset, in Brazil, of income taxes paid abroad. The Company had filed an administrative appeal and a decision is
pending.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(e.vi) Expenses
with payments to Funda&ccedil;&atilde;o Renova</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company deducts
payments made to Funda&ccedil;&atilde;o Renova arising from the obligation entered into in the Transaction and Conduct Adjustment Agreement
(&ldquo;TTAC&rdquo;) and from its subsidiary liability in the agreement when Samarco does not make these payments directly. Vale understands
that the deduction of such expenses is adequate, since its liability is objective, arising from the obligation entered into in the TTAC
and its status as a shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In December 2021,
the Company received a tax assessment notice for the collection of IRPJ and CSLL of R$115 (US$21 million) alleging that the expenses
incurred with Funda&ccedil;&atilde;o Renova were improperly deducted from the computation of the Company&rsquo;s income tax, as they
understand that these expenses are not necessary for Vale's operational activities. For the fiscal years 2017 to 2021, the amount
under discussion is R$2,376 (US$426 million)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(e.vii) Incidence
of IRPJ and CSLL on SELIC rate in the repetition of undue payment</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In September
2021, the Federal Supreme Court (&ldquo;STF&rdquo;) decided in a judgment with general repercussion, that the incidence of IRPJ and
CSLL on amounts referring to the SELIC rate received as a result of repetition of tax overpayment is unconstitutional. After the
publication of the decision of the leading case judgment with a conclusion favorable to the taxpayers, the Company recognized a gain
of R$192 (US$34 million) in the income statement for the year ended December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Accounting
policy</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">The
Brazilian corporate tax law requires the taxation on the income generated from foreign subsidiaries and, therefore, income tax charge
is calculated using the tax rate enacted at the end of the reporting period in Brazil. The effects of the income tax calculation in the
consolidated financial statements are calculated by applying the differential between the Brazilian income tax rate and the local income
tax rate of each jurisdiction where the Company&rsquo;s subsidiaries operate and generate taxable income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation
and it establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. The liabilities
related to uncertain tax positions are recorded only after determining, based on the position of its internal and external legal advisors,
a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 50%"><B>Notes to the Financial Statements<BR>
Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 10%"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right; width: 40%"><B><IMG SRC="tm225945d2_6kimage1.jpg" ALT="">&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">Deferred
income taxes are recognized based on temporary differences between carrying amount and the tax basis of assets and liabilities as well
as tax losses carryforward. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than
a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax assets
and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred
tax balances relate to the same taxation authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">The
deferred tax assets arising from tax losses and temporary differences are not recognized when it is not probable that future taxable
profit will be available against which temporary differences and/or tax losses can be utilized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">Current
and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income
or directly in stockholder&rsquo;s equity. In this case, the tax is also recognized in other comprehensive income or directly in stockholder&rsquo;s
equity, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Critical
accounting estimates and judgments</B><FONT STYLE="font-weight: normal">&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black"></FONT><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Deferred income
tax -</B> Significant judgements, estimates and assumptions are required to determine the amount of deferred tax assets that are recognized
based on the likely timing and future taxable profits. Deferred tax assets arising from tax losses carryforward and temporary differences
are recognized considering assumptions and projected cash flows. Deferred tax assets may be affected by factors including, but not limited
to: (i) internal assumptions on the projected taxable income, which are based on production and sales planning, commodity prices, operational
costs and planned capital costs; (ii) macroeconomic environment; and (iii) trade and tax scenarios.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Uncertain tax positions
-</B> The Company applies significant judgement in identifying uncertainties over income tax treatments, which could impact the consolidated
financial statements. The Company operates in multiple jurisdictions where uncertainties arise in the application of complex tax regulations.
The Company and its subsidiaries are subject to reviews of income tax filings and other tax payments, and disputes can arise with the
taxing authorities over the interpretation of the applicable laws and regulations.</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B><A NAME="va_017"></A>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic
and diluted earnings (loss) per share</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The basic and diluted
earnings (loss) per share are presented below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net income (loss) attributable to Vale's stockholders:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net income from continuing operations</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">133,236</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33,789</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,485</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Loss from discontinued operations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12,008</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,076</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,157</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Net income (loss)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121,228</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,713</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,672</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Thousands of shares</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Weighted average number of common shares outstanding</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,012,424</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,129,585</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,127,950</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Basic and diluted earnings per share from continuing operations:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Common share (R$)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26.58</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6.59</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">0.29</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Basic and diluted loss per share from discontinued operations:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Common share (R$)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1.38</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1.59</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Basic and diluted earnings (loss) per share:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Common share (R$)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24.18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1.30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt; color: teal"><FONT STYLE="color: Black"></FONT></P>

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<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 50%"><B>Notes to the Financial Statements<BR>
Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 10%"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right; width: 40%"><B><IMG SRC="tm225945d2_6kimage1.jpg" ALT="">&nbsp;</B></TD></TR>
</TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B><A NAME="va_018"></A>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Accounts
                                            receivable</B></FONT></TD></TR></TABLE>

<P STYLE="color: Teal; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Receivables from customer contracts</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 44%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Related parties (note 31)</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">608</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">869</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46,044</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">45,008</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Third parties</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: Black; text-align: left">Ferrous minerals</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,868</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,272</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,897</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,498</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: Black; text-align: left">Base metals</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,730</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,722</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">49</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: Black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">900</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">342</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">68</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Accounts receivable</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">22,106</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,205</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">47,973</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46,623</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Expected credit loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(266</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(261</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(61</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(64</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Accounts receivable, net</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,840</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25,944</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">47,912</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46,559</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="color: Teal; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In 2020, the Company
had a customer of the Ferrous Minerals Segment whose revenue individually represented 10.1% of the Company&rsquo;s total revenue. In
2021 and 2019, no customer individually represented 10% or more of the Company&rsquo;s accounts receivable or revenues.</FONT></P>

<P STYLE="color: Teal; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Provisionally priced
commodities sales &ndash; </B>The commodity price risk arises from volatility of iron ore, nickel, copper and coal prices. The Company
is mostly exposed to the fluctuations in the iron ore and copper price (note 20). The selling price of these products can be measured
reliably at each period since the price is quoted in an active market.</FONT></P>

<P STYLE="color: Teal; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The sensitivity of
the Company&rsquo;s risk on final settlement of provisionally priced accounts receivables are presented below:</FONT></P>

<P STYLE="color: Teal; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Thousand metric tons</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Provisional price <BR>
(US$/tone)</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Change</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Effect on Revenue</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Iron ore</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">22,228</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">120.3</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">+/-10%</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">+/-1,493</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Iron ore pellets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">704</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">187.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">+/-10%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">+/-74</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Copper</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">104</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,730.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">+/-10%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">+/-681</TD></TR>
  </TABLE>

<P STYLE="color: Teal; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="color: Teal; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Accounts receivable
is the total amount due from sale of products and services rendered by the Company. Accounts receivable is recognized at fair value and
subsequently measured at amortized cost using the effective interest method, except for component of provisionally priced commodities
sales that are subsequently measured at fair value through profit or loss.</FONT></P>

<P STYLE="color: Teal; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company applies
the IFRS 9/CPC 48 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all accounts
receivable. The Company has established a provision matrix that is based on historical credit loss experience, adjusted for forward-looking
factors specific to the economic environment and by any financial guarantees related to these accounts receivables.</FONT></P>

<P STYLE="color: Teal; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Teal; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B><A NAME="va_019"></A>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suppliers
and contractors</B></FONT></P>

<P STYLE="color: Teal; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Third parties &ndash; Brazil</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,643</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,256</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,766</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,358</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Third parties &ndash; Abroad</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,038</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,343</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,006</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">252</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Related parties (note 31)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">712</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">897</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">831</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,991</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,393</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,496</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,603</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,601</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt; color: Teal"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: teal"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B><A NAME="va_020"></A>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Inventories</B></FONT></TD></TR></TABLE>

<P STYLE="color: Teal; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Finished products</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,615</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,103</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,685</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,124</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Work in progress</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,566</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,351</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">148</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Consumable inventory</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,777</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,583</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,624</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,125</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Allowance to net realizable value (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(529</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(934</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(211</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(207</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,429</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,103</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,246</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,142</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="color: Teal; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) In 2021, the effect
of provision for net realizable value was R$4 (US$1 million) (2020: reversal of R$93 (US$20 million)).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; width: 50%"><B>Notes to the Financial Statements<BR>
Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 10%"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right; width: 40%"><B><IMG SRC="tm225945d2_6kimage1.jpg" ALT="">&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Finished and work
in progress products inventories by segments are presented in note 4(b) and the cost of goods sold is presented in note 5(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Inventories are stated
at the lower of cost and net realizable value. Inventory production cost comprises variable and fixed costs, direct and indirect costs
of production and are assigned to individual items of inventory based on weighted average costs method. At the end of the reporting period,
net realizable value of inventories are assessed and a provision for losses on obsolete or slow-moving inventory may be recognized. The
write-downs and reversals are recognized as &ldquo;Cost of goods sold, and services rendered&rdquo;.</FONT></P>



<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B><A NAME="va_021"></A>13.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Recoverable
                                            and payable taxes</B></FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black">&nbsp;</TD><TD COLSPAN="23" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; color: Black"><B>Consolidated</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Current<BR>
 assets</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Non-current <BR>
assets</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Current<BR>
 liabilities</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Current <BR>
assets</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Non-current <BR>
assets</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Current<BR>
 liabilities</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 38%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Value-added tax</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,209</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">60</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">906</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,320</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">932</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">89</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Brazilian federal contributions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,903</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,851</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">66</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">708</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,376</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">630</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,309</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,385</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">556</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,361</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial compensation for the exploration of mineral resources - CFEM</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">328</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">414</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">67</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">465</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">62</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">358</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,809</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,220</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,150</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,646</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,670</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,950</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black">&nbsp;</TD><TD COLSPAN="19" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; color: Black"><B>Parent
                                            Company</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Current<BR>
 assets</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Non-current<BR>
 assets</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Current<BR>
 liabilities</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Current<BR>
 assets</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Non-current<BR>
 assets</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Current<BR>
 liabilities</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 38%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Value-added tax</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">217</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">451</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">252</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Brazilian federal contributions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,730</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,650</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">505</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,244</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">516</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,935</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">226</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,760</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial compensation for the exploration of mineral resources - CFEM</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">306</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">401</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">56</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">390</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">53</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">308</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,519</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,650</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,129</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,036</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,244</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,509</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>ICMS
included in PIS and COFINS computation tax base</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Vale discussed
the issue of the exclusion of ICMS from the taxable basis of the contribution to PIS and COFINS in two lawsuits filed before March
2017. One of the lawsuits includes the triggering events from March 2012 onwards and has a favorable decision definitive. This
lawsuit resulted in the recognition of a gain in the amount of R$313 (US$60 million) in the income statement for the year ended
December 31, 2020. This amount was calculated based on the assumption that the ICMS to be excluded from the taxable bases is the one
paid. With the definition of the subject by the Federal Supreme Court in the leading case, with binding effects to all taxpayers,
which determined that the ICMS to be excluded is the one highlighted in the invoices, the Company recognized an additional gain of
R$146 (US$26 million) in the year ended December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The lawsuit that
covers the triggering events that occurred between December 2001 and February 2012, resulted in the recognition of a gain in the
amount of R$808 (US$145 million) in the year ended December 31, 2021 due to the favorable decision obtained by the Company and in
line with the recent judgment of the Federal Supreme Court in the aforementioned leading case.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal"></P>

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  <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 80%; vertical-align: bottom"><P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                            to the Financial Statements</B></FONT></P>
<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E<B>xpressed
in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B><A NAME="va_022"></A>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
financial assets and liabilities </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Current</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Non-Current</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial assets</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Restricted cash</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">653</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">197</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments (note 20)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">619</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">698</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">110</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">347</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Investments in equity securities (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,936</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Loans - Related parties
    (note 31) (ii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,009</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,791</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">619</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,707</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">796</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,271</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial liabilities</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments (note 20)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,355</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,712</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,301</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,578</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Loans - Related parties (note 31)(ii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,537</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,655</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial liabilities - Related
    parties (note 31)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,192</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,222</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial guarantees provided (notes 15c and 23e)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,558</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Liabilities related to the concession grant (notes 14b and 17a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,241</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,088</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,928</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Contract liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,158</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,347</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,946</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,906</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,344</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23,719</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Current</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Non-Current</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial assets</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Restricted cash</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">358</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">20</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments (note 20)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">410</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">338</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Investments in equity securities (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,438</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Other financial assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">43</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">42</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">410</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">480</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,838</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial liabilities</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments (note 20)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">879</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,166</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,042</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,076</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Loans - Related parties  (note 31)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,574</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,207</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">81,551</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">88,908</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial liabilities - Related parties (note 31)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,235</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,277</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial guarantees provided (notes 15c and 23e)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,558</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Liabilities related to the concession grant (notes 14b and 17a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,241</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,088</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,928</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Contract liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,954</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,747</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">95,636</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">107,470</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) The Company
has an investment of R$33 (US$6 million), corresponding to a 3.24% non-controlling interest in Boston Electrometallurgical Company,
whose objective is to promote the development of a technology focused on reducing carbon dioxide emissions in steel
production.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(ii) The decrease
in non-current liabilities refers to the settlement of loans due to the transaction for acquiring Nacala Logistic Corridor (note 16).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>a)
Investment in equity securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company held 34.2
million common shares of The Mosaic Company (&ldquo;Mosaic&rdquo;), the financial instrument was measured at fair value through other
comprehensive income. Thus, changes in the fair value of this investment were accumulated in the Company's stockholders&rsquo; equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In November 2021,
the Company sold the entire investment in Mosaic shares for the total amount of R$6,919 (US$1,259 million) and the related amount in
fair value reserve of R$2,911 (US$522 million) was reclassified from other reserves to retained earnings reserve and, therefore, did
not result in an impact on the income statement for the year ended December 31, 2021 (note 30c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">b)
Liabilities related to the concession grant</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">In
December 2020, the Company entered into an agreement with the Federal Government to continue operating its concessions of the Estrada
de Ferro Caraj&aacute;s (&ldquo;EFC&rdquo;) and Estrada de Ferro Vit&oacute;ria a Minas (&ldquo;EFVM&rdquo;) for thirty years, extending
the maturity date from 2027 to 2057. The recognized liability was discounted at present value using the following rates:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Liability</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Discount rate</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Concessions grants</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,271</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,818</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11.04</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11.04</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Midwest Integration Railway ("FICO")</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,730</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,789</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2.59</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Infrastructure program</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,910</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,372</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.22</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.08</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">West-East Integration Railway ("FIOL")</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">347</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,037</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.75</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2.67</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,258</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,016</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="color: teal; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: teal; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: teal">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 80%; vertical-align: bottom"><P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                            to the Financial Statements</B></FONT></P>
<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E<B>xpressed
in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
</TD>
  <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; width: 20%"><IMG SRC="tm225945d2_6kimage1.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal; text-align: justify"><FONT STYLE="color: Black"></FONT><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Concession
grants &ndash; <FONT STYLE="font-weight: normal">Payments for the concession grants are made in quarterly installments. This
commitment is measured based on the net present value of the thirty-year projected cash flows. On October 28, 2021, the Company
approved the prepayment of part of the concession agreements, in the amount of R$2,050 (US$367 million), which is expected to be
settled in 2022.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Midwest
Integration Railway (&quot;FICO&quot;) &ndash; <FONT STYLE="font-weight: normal">Construction of 383 km section between the municipalities
of Mara Rosa, in Goi&aacute;s, and &Aacute;gua Boa, in Mato Grosso. The construction started in 2021 and its execution is expected to
take 6 years.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Infrastructure
program - <FONT STYLE="font-weight: normal">Comprises over 450 separate projects designed to improve safety and reduce trespass where
the railways pass through urban areas. The program will benefit 25 to 33 municipalities intercepted by EFC and EFVM, respectively.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">West-East
Integration Railway (&quot;FIOL&quot;) - <FONT STYLE="font-weight: normal">Acquisition and delivery of rails and sleepers, which the Federal
Government will use for the construction of section II of FIOL, which will connect the municipalities of Caetit&eacute; and Barreiras,
in Bahia, and other miscellaneous commitments.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: Black">The
concession contract renewal requires the review and physical inspection of the railway assets by the National Land Transport Agency (&ldquo;ANTT&rdquo;).
In addition, the ANTT may require, at their discretion, further investments on the concession network. Furthermore, there is a provision
for the Company to complete a minimum percentage of certain investments by 2027. In these circumstances, discussions on the economic
and financial rebalancing of the contracts will be required and depending on the result of the physical inventory review and if new investments
are demanded, the carrying amount may have a material impact in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: teal"><FONT STYLE="color: Black"><B>Financial
guarantees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: Black">In
addition, as a condition for signing the contracts, the Company contracted a financial guarantee with coverage of R$1,026 (US$180
million) as at December 31, 2021. These insurance contracts guarantee compensation, up to the amount established in the policy, for
any losses arising from non-compliance of the contractual obligations assumed by Vale in the concession contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Concessions &ndash;
</B>Railway concessions liabilities consist of the following future payments discounted at present value: (i) fixed payments for the
concession; (ii) amounts expected to be disbursed for constructing railways and infrastructure; (iii) cost of acquiring equipment to
be made available for the granting authority; and (iv) other miscellaneous obligations and commitments that complement the early extension
of the railway concessions agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Grant payments are
discounted using the regulatory weighted average cost of capital (&ldquo;WACC&rdquo;), which is the interest rate explicit in the concession
agreement as determined by the ANTT, and payments related to other investment obligations are discounted at an incremental rate to reflect
the time value of money, that is, a risk-free interest rate applicable to the economic environment in which the Company operates and
with terms and conditions equivalent to the obligations assumed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The amounts payable
in relation to the concession granted are initially accounted for as intangible in accordance with the accounting policy, disclosed in
note 17.</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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                                            to the Financial Statements</B></FONT></P>
<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E<B>xpressed
in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: Black"></FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><A NAME="va_023"></A>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
in subsidiaries, associates, and joint ventures</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">Investments</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">Equity results in the income statement</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">Dividends received</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="text-align: center; font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="text-align: center; font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black">Business</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">% ownership</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">% voting capital</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Direct and indirect subsidiaries</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">In Brazil</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 7pt Times New Roman, Times, Serif; width: 8%; color: Black; text-align: left">Companhia Portu&aacute;ria da Ba&iacute;a de Sepetiba</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 8%; color: Black; text-align: left">Iron ore</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right">313</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 5%; color: Black; text-align: right">295</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 5%; color: Black; text-align: right">133</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 5%; color: Black; text-align: right">145</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 5%; color: Black; text-align: right">(54</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 5%; color: Black; text-align: right">120</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 5%; color: Black; text-align: right">81</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 5%; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Minera&ccedil;&atilde;o Corumbaense Reunida S.A.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Iron ore and manganese</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(89</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(670</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(784</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Minera&ccedil;&otilde;es Brasileiras Reunidas S.A.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Iron ore</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">2,425</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">10,960</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1,314</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1,875</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1,112</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">445</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">901</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Minera&ccedil;&otilde;es Brasileiras Reunidas S.A. &ndash; Goodwill</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Iron ore</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">4,060</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">4,060</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Vale Mangan&ecirc;s S.A.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Manganese</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">11</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">335</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(369</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(384</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(66</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Salobo Metais S.A.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Cooper</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">14,183</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">12,989</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">3,932</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">3,616</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">2,186</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">2,717</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1,562</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1,718</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Tecnored Desenvolvimento Tecnol&oacute;gico S.A.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Iron ore</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">81</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">98</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(193</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(184</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(113</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Valepar &ndash; Goodwill</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Iron ore</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">3,073</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">3,073</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Others</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">293</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">590</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(499</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(852</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,339</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">75</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">72</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black">Abroad</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">New Steel Global</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Iron ore</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1,890</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1,866</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(85</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(62</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(73</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Vale Holdings B.V.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Holding</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">5,238</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">10,722</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(153</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,163</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">68</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">17,109</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Vale Canada Limited</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Nickel</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">18,546</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">11,383</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(611</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,407</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(11,515</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Vale International S.A.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Trading and holding</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">75,923</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">105,036</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">10,103</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">14,543</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">4,802</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Vale Malaysia Minerals Sdn. Bhd.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Iron ore</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">100.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">7,527</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">7,228</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">41</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">181</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">174</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">306</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">2,127</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">205</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(195</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,166</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">133,869</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">170,762</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">13,729</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">11,443</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,769</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">19,946</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">2,163</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">2,691</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Associates and joint ventures</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">In Brazil</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Energy</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">55.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">55.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">2,046</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1,909</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">277</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">140</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">122</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">140</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">126</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">111</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es S.A.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Energy</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">51.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">51.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">586</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">606</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(20</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(40</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">17</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Pellets</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">50.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">50.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">284</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">249</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">247</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">36</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">186</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">185</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">178</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">253</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Pellets</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">50.89</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">50.89</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">211</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">223</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">7</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">57</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">144</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">34</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">144</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">200</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Pellets</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">50.90</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">51.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">270</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">228</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">212</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">50</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">119</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">127</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">119</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">219</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Pellets</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">51.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">51.11</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">720</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">627</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">214</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">43</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">328</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">41</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">164</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">365</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Samarco Minera&ccedil;&atilde;o S.A. (note
    25)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Pellets</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">50.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">50.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Companhia Sider&uacute;rgica do Pec&eacute;m</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Steel</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">50.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">50.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">553</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">316</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(655</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(282</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">Minera&ccedil;&atilde;o Rio do Norte S.A.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Bauxite</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">40.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">40.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">367</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(29</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(7</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">58</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">45</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">MRS Log&iacute;stica S.A.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Logistics</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">48.16</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">46.75</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">2,334</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">2,069</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">394</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">185</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">196</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">49</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">115</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">120</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">VLI S.A.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Logistics</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">29.60</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">29.60</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">2,278</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">2,495</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(218</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(88</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">8</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">37</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Others</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Others</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">374</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">372</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">16</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">15</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(3</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">5</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">2</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black">Abroad</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">California Steel Industries, Inc.</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">Steel</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">50.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">50.00</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1,218</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1,226</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(31</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">88</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">462</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">117</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">115</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">194</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">11</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(34</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(4</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">3</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Total Consolidated investment</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">9,771</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">10,557</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">2,653</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(329</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">970</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1,043</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">904</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">1,423</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 7pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Parent Company's total investment</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">143,640</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">181,319</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">16,382</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">11,114</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,799</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">20,989</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">3,067</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; color: Black; text-align: right">4,114</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: teal">
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  <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 80%; vertical-align: bottom"><P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                            to the Financial Statements</B></FONT></P>
<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E<B>xpressed
in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
</TD>
  <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; width: 20%"><IMG SRC="tm225945d2_6kimage1.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
amounts of the investments by segments are presented in note 4(b).</FONT></P>

<P STYLE="color: teal; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">a)
Changes in the year</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">Balance at January 1,</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">10,557</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">11,278</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">181,319</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">144,594</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Additions and capitalizations (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">237</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">657</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">899</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,719</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Equity results in income statement</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,653</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(329</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">16,382</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">11,114</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Dividends declared</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,238</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(639</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,752</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,982</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Translation adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">138</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">375</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(18,216</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">30,828</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Capital reduction of foreign subsidiary (note 2g)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(17,109</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Reduction of investment in VLI</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(676</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(676</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Share buyback programs (note 30)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(13,547</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Mergers</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,547</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,105</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Transfer the equity results to discontinued operations (note 16a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(144</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(226</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Transfer of CSI to assets held for sale (nota 16c)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,131</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(301</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">117</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">211</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,173</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">Balance at December 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">9,771</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">10,557</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">143,640</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">181,319</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) Refers mainly
to the capital increase of Companhia Sider&uacute;rgica do Pec&eacute;m. In 2020, at the Parent Company refers to non-cash additions
related to loan capitalization of Ferrous Resources Limited in the amount of R$476 (US$92 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Capital
reduction in a foreign subsidiary &ndash; <FONT STYLE="font-weight: normal">In December 2021, the Company approved a capital
reduction in the amount of R$17,109 (US$3,000 million) in VISA. Therefore, in accordance with the Company's accounting policy for
transactions of such nature (note 2), the capital reduction was characterized as a partial disposal, generating a gain of R$13,634
(US$2,413 million) related to the reclassification of the cumulative translation adjustments of this investment, recorded in the
stockholders&rsquo; equity to the income statement for year ended December 31, 2021, presented as &ldquo;Other financial items,
net&rdquo; (note 6).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Call options exercised
on VLI shares &ndash; </B>In December 2020, BNDES Participa&ccedil;&otilde;es S.A. (&ldquo;BNDESPar&rdquo;) exercised all its options
included in the Call Option Purchase Agreement for share issued by VLI S.A. (&ldquo;VLI&rdquo;). In this agreement, options were granted
to BNDESPar to purchase shares of VLI held by Vale of up to 8% of VLI's equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">With the exercise
of this option, Vale received R$1,223 (US$241 million) for an 8% stake in VLI, and now holds 29.6% of VLI's total shares, resulting
in a gain of R$885 (US$172 million), recognized in the income statement for the year ended December 31, 2020 as &ldquo;Equity
results and other results in associates and joint ventures&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Merger of subsidiaries
 &ndash;</B> The Parent Company merged the following companies: (i) on April 30, 2021, the Company approved the merger of the spun-off
net assets of Minera&ccedil;&otilde;es Brasileiras Reunidas S.A. and the full merger of Companhia Paulista de Ferroligas and Valesul
Alum&iacute;nio S.A.; and (ii) on April 30, 2020, the General Shareholders' Meeting approved the merger of the wholly-owned subsidiary
Ferrous Resources do Brasil S.A. The mergers took place without the issuance of new shares or change in the Vale&rsquo;s share capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>b)
Acquisitions and divestitures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Vale Shipping
Holding Pte. Ltd (&ldquo;VSH&rdquo;) -</B> In October 2021, the Company approved the liquidation of VSH, its wholly-owned subsidiary
that owned and operated the Company's vessels. In November 2021, VSH made a repayment of capital to VISA and, as a result, the
Company reclassified the total of R$4,284 (US$771 million) arising from the cumulative translation adjustments that was recorded in
the Company stockholders&rsquo; equity to the income statement for the year ended December 31, 2021, presented as &ldquo;Other
financial items, net&rdquo; (note 6).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Vale Nouvelle-Cal&eacute;donie
S.A.S. (&ldquo;VNC&rdquo;) &ndash;</B> In December 2020, the Company signed a binding put option agreement to sell its interest in VNC
for an immaterial consideration to Prony Resources consortium. Under the terms of agreement, the Company has assumed an obligation to
pay to the buyers an amount of R$2,573 (US$500 million) upon closing of the transaction and this amount has been provided for as at December
31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In March 2021,
the Company signed the share purchase and sale agreement with Prony Resources, concluding the transaction to sell its interest in
VNC. With the final agreement, the Company disbursed R$3,134 (US$555 million) to VNC on the closing of the transaction, which
combined with other working capital adjustments, resulted in an additional loss in the amount of R$549 (US$98 million), presented as
 &ldquo;Impairment and write-off of non-current assets&rdquo; in income statement for the year ended December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The agreement also
established that Vale has an offtake agreement to purchase a certain amount of VNC&rsquo;s annual nickel production with a cap price
over a period of 13 years. Such cap included in the contract is an embedded derivative. However, it is deemed closely related to the
host contract (nickel supply agreement) because the cap was out of the money on inception of the contract. Therefore, this derivative
will not be separated from the host contract, which will be accounted for as an executory contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; color: teal">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 80%; vertical-align: bottom"><P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
                                            to the Financial Statements</B></FONT></P>
<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E<B>xpressed
in millions of Brazilian reais, unless otherwise stated</B></FONT></P>
</TD>
  <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; width: 20%"><IMG SRC="tm225945d2_6kimage1.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Upon closing of
the transaction, the Company also recognized a gain of R$6,391 (US$1,132 million) arising from the accumulated exchange differences
reclassified from the stockholders&rsquo; equity to the income statement under &ldquo;Other financial items, net&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Divestment agreement
in compliance with PT Vale Indonesia Tbk (&ldquo;PTVI&rdquo;) Contract of Work -</B> PTVI, a public company in Indonesia, has an agreement
in place with the government of the Republic of Indonesia to operate its mining licenses, expiring in December 2025. According to the
agreement, PTVI must meet certain requirements to extend the period of the mining licenses beyond 2025, including the commitment to have
Indonesian participants in its shareholding structure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Following this commitment,
in June 2020, the Company signed together with Sumitomo Metal Mining Co., Ltd. (&ldquo;SMM&rdquo;), an agreement for the sale of 20%
(14.9% from Vale and 5.1% from SMM) of their aggregate stake in PTVI to PT Indonesia Asahan Aluminium (&ldquo;PT Inalum&rdquo;), an Indonesia
state-owned enterprise. In October 2020, the Company concluded the transaction and received a cash consideration of R$1,560 (US$278 million).
This transaction with non-controlling interests resulted in a loss of R$1,012 (US$179 million), which was recognized in the stockholders&rsquo;
equity for the year ended December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">At the closing of
the transaction, Vale and SMM which have a stake of 44.3% and 15%, respectively, totaling a 59.3% interest in PTVI, signed a block voting
agreement, in which SMM is required to follow Vale&rsquo;s vote on relevant operational and financial decisions concerning PTVI. Therefore,
the Company continues consolidating PTVI in its financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Henan Longyu
Energy Resources Co., Ltd (&ldquo;Henan Longyu&rdquo;) -</B> In December 2019, the Company entered into an agreement to sell its 25%
interest in Henan Longyu, a company that operates two coal mines in China, for a total cash consideration of R$843 (US$156 million).
Therefore, this investment was classified as held for sale and an impairment of R$630 (US$163 million) was recorded as &ldquo;Equity
results and other results in associates and joint ventures&rdquo; in the income statement for the year ended December 31,2019. In
2020, the conditions precedent of the agreement were concluded and the Company received the total amount agreed at the closing of
the transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Following the
conclusion of the transaction, the Company recorded a gain of R$598 (US$116 million) due to the recycling of the cumulative
translation adjustments to the income statement, which was recorded in the income statement for the year ended December 31,2020 as
 &ldquo;Equity results and other results in associates and joint ventures&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Minera&ccedil;&otilde;es
Brasileiras Reunidas S.A. (&ldquo;MBR&rdquo;) &ndash;</B> In December 2019, the Company purchased an additional 36.4% interest in
MBR held by its related party, for the total consideration of R$3,309 (US$823 million). Following the completion of the transaction,
the Company holds 98.3% of MBR&rsquo;s share capital. Since this transaction did not result in a change of control for the Company,
the impact of R$1,410 (US$350 million) arising from the purchase of additional shares was recognized in the Company&rsquo;s
Stockholders&rsquo; Equity, as &ldquo;Acquisitions and disposal of noncontrolling interest&rdquo;. In 2020, the Company purchased
the remaining interest in MBR for a total consideration of R$592 (US$104 million), therefore, the Company holds 100% of MBR&rsquo;s
share capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>New Steel
Global N.V. (&ldquo;New Steel&rdquo;) &ndash;</B> In January 2019, the Company acquired 100% of the share capital of New Steel and
gained its control for the total cash consideration of R$1,884 (US$496 million). New Steel is a company that develops processing and
beneficiating technologies for iron ore through a completely dry process. The consideration paid is mainly attributable to the
research and development project for processing of iron ore with lower carbon dioxide. The intangible assets are not subject to
amortization until the operational phase is reached, which is expected to start on 2022 (note 17). On February 24, 2022 (subsequent
event), the Company's Board of Directors approved the proposed recommendation to the General Meeting for the merger of New Steel
into Vale S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Ferrous
Resources Limited (&ldquo;Ferrous&rdquo;) -</B> In August 2019 the Company acquired 100% of the share capital of Ferrous, a company
that owned iron ore mines nearby some of the Company&rsquo;s operations in the states of Minas Gerais, Brazil for cash consideration
of R$1,629 (US$525 million). Ferrous has been acquired to gain access to additional reserves for the Company. At the General
Shareholders' Meeting in 2020, its main wholly-owned subsidiary Ferrous Resources do Brasil S.A. was merged into Vale
S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Project West III
 &ndash;</B> In October 2020, the Company approved the incorporation of a joint venture with Ningbo Zhoushan Port Company Limited (&ldquo;Ningbo
Zhoushan Port&rdquo;), to build and operate the project to expand the Shulanghu Port facilities, located in China. The Project secures
strategic port capacity in China to further Vale&rsquo;s shipping and distribution costs optimization. Vale will own 50% of the joint
venture and Vale's capital contribution to the project is estimated to range from R$600 (US$110 million) to R$900 (US$160 million). The
construction of the project will start after both parties obtain the anti-trust and other regulatory approvals in China and is expected
to last 3 years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>c)
Financial guarantees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">As of December
31, 2021 and 2020, the total guarantees granted by the Company (within the limit of its direct or indirect interest) for certain
associates and joint ventures totaled R$8,443 (US$1,513 million) and R$8,091 (US$1,557 million), respectively. The fair value of the
financial guarantees as of December 31, 2021 and 2020 totaled R$3,026 (US$542 million) and R$4,558 (US$877 million), respectively,
and is recorded in the balance sheet as &ldquo;Other non-current liabilities&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>d)
Summarized financial information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The summarized financial
information about relevant associates and joint ventures for the Company are as follow. The stand-alone financial statements of those
entities may differ from the financial information reported herein, which is prepared considering Vale&rsquo;s accounting policies. The
summarized financial information about Samarco is presented in note 25.</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Alian&ccedil;a Gera&ccedil;&atilde;o<BR>
 de Energia</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Alian&ccedil;a Norte<BR>
 Energia</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CSP&nbsp;&nbsp;(i)</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pelletizing <BR>
                                                                                                                                                  plants (ii)</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MRS Log&iacute;stica</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VLI S.A.</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.45pt">Current assets</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">624</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,157</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,369</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,776</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,759</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,600</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,149</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14,596</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,489</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,660</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">19,814</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Total assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">5,224</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,149</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">17,753</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">3,858</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">13,436</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">22,573</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.45pt">Current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">257</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,443</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">926</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,495</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,239</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Non-current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,247</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14,205</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,094</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,637</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Total liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,504</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">16,648</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">929</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">8,589</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">14,876</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Stockholders&rsquo; equity</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">3,720</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,149</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,105</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">2,929</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">4,847</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">7,697</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.45pt">Net revenue</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,097</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,138</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,427</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,981</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.45pt">Net income (loss)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">504</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">(39</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">4,681</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,342</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">818</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">(736</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="30" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Alian&ccedil;a<BR>
    Gera&ccedil;&atilde;o de <BR>
Energia</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Alian&ccedil;a
    Norte<BR>
    Energia</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">CSI</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">CSP
    (i)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Pelletizing
    <BR>
plants (ii)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">MRS
    Log&iacute;stica</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Nacala<BR>
    Corridor<BR>
    Holding<BR>
    Netherlands (i)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">VLI
    S.A.</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt; width: 20%"><FONT STYLE="font-size: 9pt">Current
    assets</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">718</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,746</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,799</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,560</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2,139</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2,724</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,192</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt">Non-current
    assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,696</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,189</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,786</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">11,612</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,339</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">8,842</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">22,603</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">19,421</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt">Total
    assets</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,414</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,189</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,533</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">13,411</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2,899</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">10,981</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">25,326</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">22,614</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt">Current
    liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">250</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">330</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,829</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">278</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2,020</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2,976</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,153</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt">Non-current
    liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">694</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">767</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">13,631</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,665</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">24,343</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">11,030</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt">Total
    liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">944</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,097</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">17,460</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">282</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">6,685</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">27,318</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">14,183</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt">Stockholders&rsquo;
    equity (negative reserves)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,470</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,188</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2,436</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4,049</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2,617</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,296</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,992</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">8,431</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt">Net
    revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">958</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,432</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">6,067</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">534</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,302</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,151</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">5,214</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt"><FONT STYLE="font-size: 9pt">Net
    income (loss)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">255</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(78</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(62</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4,305</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">367</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">385</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(451</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(236</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) The joint ventures
and its results are accounted for under the equity method, in which the accumulated losses are capped to the Company &#769;s interest
in the investee&rsquo;s capital based on the applicable law and requirements. That is, after the investment is reduced to zero, the Company
does not recognize any further losses nor liabilities associated with the investee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(ii) Aggregated
entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o,
Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia Nipo-Brasileira de
Pelotiza&ccedil;&atilde;o.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">e)
Noncontrolling interest</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Summarized
financial information</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
summarized financial information, prior to the eliminations of the intercompany balances and transactions, about subsidiaries with material
noncontrolling interest are as follow. The stand-alone financial statements of those entities may differ from the financial information
reported herein, which is prepared considering Vale&rsquo;s accounting policies.</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">PTVI</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Vale <BR>
Mo&ccedil;ambique</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Vale Oman<BR>
 Pelletizing</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Others</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Current assets</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,300</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,348</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">512</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,462</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,085</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,534</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Related parties &ndash; Stockholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">459</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">32</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">139</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Total assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,221</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,465</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,185</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">972</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,251</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">548</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Non-current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">388</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">415</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">875</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Related parties &ndash; Stockholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">67,364</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,651</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Total liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,360</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">69,030</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,074</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Stockholders' equity (negative reserves)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,861</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(65,565</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,111</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Equity
    (negative reserves) attributable to noncontrolling interests</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,715</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,278</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">333</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(115</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,655</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Net income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,083</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,537</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">148</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Net income (loss) attributable to noncontrolling interests</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">603</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(475</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">44</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(57</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">115</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Dividends paid to noncontrolling interests</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">98</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">77</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">175</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">PTVI</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">VNC</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Vale<BR>
 Mo&ccedil;ambique</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Vale Oman<BR>
 Pelletizing</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Others</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Current assets</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,090</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,827</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">304</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,773</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">868</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,377</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Related parties - Stockholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">318</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">256</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">151</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">243</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Total assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,181</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">267</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,846</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,924</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">844</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,766</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">191</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Non-current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">273</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">510</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,028</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Related parties - Stockholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,458</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">63,323</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,691</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Total liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,117</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,463</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">65,599</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,910</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Stockholders' equity (negative reserves)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,064</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,196</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(62,753</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,014</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Equity (negative reserves) attributable to noncontrolling interests</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,715</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(60</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12,111</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">304</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">353</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,799</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Net income (loss)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">443</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,504</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,347</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">101</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Net income (loss) attributable to noncontrolling interests</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">184</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(175</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,799</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">30</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(50</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,810</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-left: 1.45pt">Dividends paid to noncontrolling interests</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">72</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">72</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">PTVI</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">VNC</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Vale<BR>
 Mo&ccedil;ambique</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Vale Oman<BR>
 Pelletizing</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Others (i)</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Net income (loss)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">286</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,353</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12,852</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">47</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Net income (loss) attributable to noncontrolling interests</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">117</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(418</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,474</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">736</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,025</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Dividends paid to noncontrolling interests</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">84</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">611</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">695</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">(i) Dividends paid to noncontrolling interests
refers to Minera&ccedil;&otilde;es Brasileiras Reunidas.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Subsidiaries &ndash;
</B>The Company consolidates all entities over which it has control, that is, when: (i) the Company is exposed or has rights over variable
returns from its involvement with the investee; and (ii) has the ability to direct the investee&rsquo;s significant activities. Subsidiaries
are fully consolidated from the date on which control is transferred to the Company. Consolidation is interrupted from the date on which
the Company ceases to have control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Transactions with
noncontrolling interests &ndash;</B> Investments held by other investors in Vale&rsquo;s subsidiaries are classified as noncontrolling
interests (&ldquo;NCI&rdquo;). The Company treats transactions with noncontrolling interests as transactions with the Company&rsquo;s
stockholders. For purchases or disposals of non-controlling interests, the difference between the consideration paid and the book value
of the acquired portion of the subsidiary's net assets is recorded directly in equity under &ldquo;Acquisitions and disposals of non-controlling
interests&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Loss of control
 &ndash;</B> When the Company ceases to have control, any interest retained in the entity is remeasured at its fair value, with the change
in the carrying amount recognized in profit or loss. Amounts previously recognized in other comprehensive income are reclassified to
the income statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Investments in
associates and joint arrangements &ndash;</B> Associates are all entities over which the Company has significant influence, but not control,
generally through an equity interest of 20% to 50% of the voting rights. If the equity interest in the associate is reduced, but significant
influence is retained, only a proportionate portion of the amounts previously recognized in other comprehensive income will be reclassified
to profit or loss, when appropriate. Dilution gains and losses, incurred on interests in associates, are recognized in the income statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Joint arrangements
are all entities over which the Company has shared control with one or more parties. Joint arrangement investments are classified as
either joint operations or joint ventures depending on the contractual rights and obligations of each investor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The joint operations
are recorded in the financial statements to represent the Company&rsquo;s contractual rights and obligations. Accordingly, the assets,
liabilities, income and expenses related to the joint operation are recorded individually in the financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Interests in joint
ventures are accounted for using the equity method, after initially being recognized at cost. The Company investment in joint ventures
includes the goodwill identified in the acquisition, net of any impairment loss. The Company interest in the profits or losses of its
joint ventures is recognized in the income statement and participation in the changes in reserves is recognized in the Company's reserves.
When the Company&rsquo;s interest in the losses of an associate or joint venture is equal to or greater than the carrying amount of the
investment, including any other receivables, the Company does not recognize additional losses, unless it has incurred obligations or
made payments on behalf of the joint venture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Critical
accounting estimates and judgments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Judgment is required
in some circumstances to determine whether after considering all relevant factors, the Company has either control, joint control or significant
influence over an entity. Significant influence includes situations of collective control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company holds the majority of the voting capital in five joint
arrangements (Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A., Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es S.A., Companhia
Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia Nipo-Brasileira
de Pelotiza&ccedil;&atilde;o), but management has concluded that the Company does not have a sufficiently dominant voting interest to
have the power to direct the activities of these entities. As a result, these entities are accounted under equity method due to shareholder&rsquo;s
agreements where relevant decisions are shared with other parties.</P>
<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B><A NAME="va_024"></A>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current
assets and liabilities held for sales and discontinued operations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: Black">&nbsp;</TD><TD COLSPAN="15" STYLE="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt"><B>December 31, 2021</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; padding-bottom: 1pt; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Coal<BR>
 (Discontinued<BR>
 operation)</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Manganese</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Other assets</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Total</TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-left: 1.45pt">Assets</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 1.45pt">Accounts receivable</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">59</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">61</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-left: 1.45pt">Inventories</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">933</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">66</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">999</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-left: 1.45pt">Taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,031</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">95</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,126</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-left: 1.45pt">Investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,131</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,131</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Other assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">112</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">35</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">151</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Total assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,078</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">224</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,166</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,468</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-left: 1.45pt">Liabilities</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 1.45pt">Suppliers and contractors</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">613</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">54</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">667</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Other liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,292</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">19</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,311</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Total liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,905</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">73</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,978</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Net non-current assets held for sale</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,173</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">151</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,166</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,490</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
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<TD STYLE="width: 18pt"><FONT STYLE="color: Black"><B>a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Coal
                                            (Discontinued operation)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company has metallurgical and thermal coal mining and processing operations in Vale Mo&ccedil;ambique S.A. (&ldquo;Vale Mo&ccedil;ambique&rdquo;)
which is a company controlled by Vale, with a non-controlling interest held by Mitsui &amp; Co. Ltd. (&ldquo;Mitsui&rdquo;). Coal products
are transported from the Moatize mine to the maritime terminal by the Nacala Logistics Corridor (&ldquo;NLC&rdquo;), which was a joint
venture between Vale and Mitsui. The NLC&rsquo;s main assets are the railways and port concessions located in Mozambique and Malawi.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">As
part of the sustainable mining strategic agenda, the Company announced in 2021 its intention to divest from coal assets. To achieve this
objective, it was necessary to carry out the corporate reorganization through the acquisition of the interests held by Mitsui in these
assets, which, upon completion, allowed the Company to reach an agreement with Vulcan Minerals (&ldquo;Vulcan&rdquo;) in December 2021,
for the sale of all coal assets. Following the signing of the agreement, the Company started to treat coal as a discontinued operation.
Below is a summary of the main events:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"><I><U>(a.i)
Acquisition of non-controlling interest in Vale Mo&ccedil;ambique</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">On
June 22, 2021, the Company acquired 15% interest held by Mitsui in Vale Mo&ccedil;ambique for an immaterial consideration, which
resulted in a loss of R$1,666 (US$331 million) due to the negative reserves of Vale Mo&ccedil;ambique at the conclusion of the
transaction. This transaction with non-controlling interests was recognized in the Stockholders&rsquo; Equity as &ldquo;Acquisition
and disposal of non-controlling interest&rdquo;. After the acquisition of the interests previously held by Mitsui, the Company holds
95% of the share capital of Vale Mo&ccedil;ambique and the remaining interest is held by the government of Mozambique.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"><I><U>(a.ii)
Business combinations &ndash; NLC</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">Also
on June 22, 2021, the Company concluded the acquisition of NLC&rsquo;s control through the disbursement of R$12,665 (US$2,517 million)
to settle NLC&rsquo;s loans with third parties (&ldquo;Project Finance&rdquo;), satisfying all conditions for acquiring the additional
50% held by Mitsui. Therefore, the Company started consolidating the NLC&rsquo;s assets and liabilities on its balance sheet. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">In
addition, the Company has updated the discounted cash flow model to assess the fair value of the acquired business, resulting in a
loss of R$3,880 (US$771 million) on the fair value of the loans receivable from NLC, mainly due to the decrease in the long-term
price assumption for both metallurgical and thermal coal as well as the reduction in the expected production to reflect the
operational challenges to reach the ramp-up of the coal business, after the revamp of the processing plants. The cash flows were
discounted at a rate of 11.6%, and the loss was recognized as &ldquo;Impairment and disposals of non-current assets&rdquo; in the
net income from discontinued operations for the year ended December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
fair values of identifiable assets acquired, and liabilities assumed as a result of the NLC&rsquo;s acquisition were as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">June 22, 2021</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Acquired assets</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Cash and cash equivalents</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">865</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Inventory, recoverable tax and other assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,128</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 1.45pt">Intangible</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,166</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Property, plant and equipment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,858</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Assumed liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(795</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Net identifiable assets acquired</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">20,223</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Fair value adjustments (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,001</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Total identifiable net assets at fair value</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,222</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Pre-existing relation (Loans receivable from NLC)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,322</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Loss on pre-existing relation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,880</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,665</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Cash consideration</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,665</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">(-) Balances acquired</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Cash and cash equivalents</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">865</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Net cash outflow</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,800</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">(i)
Of this amount, R$2,218 (US$441 million) was allocated to property, plant, and equipment and R$3,978 (US$791 million) was allocated
to intangible and the remaining amount was allocated to other assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><I></I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #007E7A"></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><I><U>(a.iii) Fair value adjustments</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">Following
the decision to divest from the coal segment, the Company initiated interactions with potential interested parties in acquiring
these assets, and the negotiations that were underway at the time, resulted in the decision to provision in full the book value of
these assets, mainly due to the difficulties to prove the expected productivity levels of metallurgical coal and thermal coal, due
to the delays that occurred to implement the mining plan and the strategy for the plant to reach the ramp-up of the asset due to the
travel and transportation restrictions of equipment resulting from the pandemic of COVID-19. The Company recorded the impact of
R$13,298 (US$2,511 million) in the net income from discontinued operations for the year ended December 31, 2021, presented as
 &ldquo;Impairment and disposal of non-current assets&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"><I><U>(a.iv)
Binding agreement with Vulcan Minerals (&ldquo;Vulcan&rdquo;)</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">On
December 21, 2021, the Company signed a binding agreement with Vulcan, a private company part of the mining group Jindal. The agreements
establishes that Vale will receive R$1,507 (US$270 million) for the coal net assets and it is not expected that there will be a material
impact on the income statement at the time of the transaction, as the value of the net coal assets approximates the consideration that
will be received by the Company. The agreement also establishes a variable royalty consideration with a term of 10 years subject to certain
conditions of production volume of coal. Due to the nature and uncertainties related to the measurement of these royalties, gains will
be recognized as incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">In
addition, upon closing the transaction, expected for the first half of 2022, the Company will recognize in the income statement a
gain of approximately R$12,000 (US$2,150 million) related to the reclassification of cumulative translation adjustments
included the NCI disposal presented in note 15.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
closing of the transaction is subject to the satisfaction of customary conditions precedent, including the approval of the Ministry of
Mineral Resources and Energy of Mozambique pursuant to the Mining Law No. 20/2014, and the approval of the Government of Mozambique pursuant
to the Concession Agreements for the change of control and antitrust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(a.v) Net income
and cash flows from discontinued operations</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Net income from discontinued operations</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Net operating revenue</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,877</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,431</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,005</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Cost of goods sold and services rendered</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,504</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,619</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,399</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Operating expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(224</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(118</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Impairment and disposals of non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(17,178</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,851</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,949</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Operating income (loss)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(18,985</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,263</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,461</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Financial Results, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,309</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(71</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Equity results in associates and joint ventures</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(144</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(226</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(99</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Loss before income taxes</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(16,820</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,477</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,631</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,336</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,602</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Loss from discontinued operations</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12,484</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,875</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,631</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Loss attributable to noncontrolling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(476</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,799</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,474</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Loss attributable to Vale's stockholders</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12,008</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,076</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,157</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>Reclassification
of cumulative translation adjustments</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Simultaneously,
due to the classification of the coal segment as a discontinued operation, the Company concluded that its Australian subsidiaries
(also part of the coal segment), which were no longer operational, were considered &ldquo;abandoned&rdquo; for the purposes of
applying <I>IAS 21 - The Effects of Changes in Foreign Exchange Rates </I>and, consequently, the Company recognized a gain arising
from the cumulative translation adjustments in the amount of R$2,134 (US$424 million), which was reclassified to the net income from discontinued
operations, as &ldquo;Other financial items, net&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Cash flow from discontinued operations</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;Operating activities</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 61%; color: Black; text-align: left">Loss before income taxes</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(16,820</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,477</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10,631</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Adjustments:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Equity results in associates and joint ventures</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">144</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">226</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Depreciation, amortization and depletion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">359</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">82</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">937</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Impairment and disposals of non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,178</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,851</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,949</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial Results, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,309</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">71</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Increase (decrease) in assets and liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(284</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(132</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net cash provided by operating activities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,732</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,462</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,548</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Investing activities</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Additions to property, plant and equipment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,056</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,007</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(952</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Acquisition of NLC, net of cash</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(11,800</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">380</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">338</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">478</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net cash provided (used) in investing activities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(12,476</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(669</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(474</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financing activities</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black">Payments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(78</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Net cash used in financing activities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(72</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(78</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(55</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Net cash provided (used) by discontinued operations</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(14,280</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,209</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,077</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>b)
Manganese ferroalloys operations in Minas Gerais</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In September
2021, the Company signed an agreement to sell certain assets and liabilities located in the state of Minas Gerais, which are part of
Vale Mangan&ecirc;s S.A. and relates to the manganese ferroalloys business, for R$223 (US$40 million). Due to that agreement, those
assets and liabilities were classified as &ldquo;held for sale&rdquo; and measured at fair value less costs of disposal, resulting
in the recognition of an impairment loss of R$143 (US$25 million) recognized in the income statement as &ldquo;Impairment and
disposal of non-current assets&rdquo; for the year ended December 31, 2021. The transaction was concluded in January 2022
(subsequent event) and will not have material impact in the income statement for the year 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>c)
Other assets</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In December 2021,
the Company entered into a binding agreement with Nucor Corporation (&ldquo;Nucor&rdquo;) for the sale of its 50% interest in
California Steel Industries, Inc (&ldquo;CSI&rdquo;). In February 2022 (subsequent event), the Company concluded the sale and
transferred its 50% interest in CSI for the total amount of R$2,440 (US$437 million). Upon completion of the transaction the Company
will record a gain of approximately R$1,200 (US$218 million) in income statement for the year ending December 31, 2022, of which
R$309 (US$57 million) relates to a gain from the sale and R$891 (US$161 million) is due the reclassification of the cumulative translation adjustments
from the stockholders&rsquo; equity to the income statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Business combinations
-</B> The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments
or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises (i) fair values of the assets
transferred; (ii) liabilities assumed of the acquired business; (iii) equity interests issued to the Company; (iv) fair value of any
asset or liability resulting from a contingent consideration arrangement, and (v) fair value of any pre-existing equity interest in the
subsidiary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Identifiable
assets acquired, and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured
initially at their fair values at the acquisition date. The Company recognizes any non-controlling interest in the acquired entity
on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest&rsquo;s proportionate share of the
acquired entity&rsquo;s net identifiable assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Discontinued operations
-</B> The classification as a discontinued operation occurs through disposal, or when the operation meets the criteria to be classified
as held for sale if this occurs earlier. A discontinued operation is a component of a Company business comprising cash flows and operations
that may be clearly distinct from the rest of the Company and that represents an important separate line of business or geographical
area of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The result of discontinued
operations is presented in a single amount in the income statement, including the results after income tax of these operations less any
impairment loss. Cash flows attributable to operating, investing and financing activities of discontinued operations are disclosed in
a separate note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">When an operation
is classified as a discontinued operation, the income statements of the prior periods are restated as if the operation had been discontinued
since the beginning of the comparative period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Any noncontrolling
interest relating to a group disposal held for sale is presented in the stockholders&rsquo; equity and is not reclassified in the statement
of financial position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><A NAME="va_025"></A>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangibles</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Goodwill</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Concessions</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Contract right</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Software</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Research and<BR>
 development<BR>
 project and<BR>
 patents</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 22%; color: Black; padding-bottom: 1pt">Balance at December 31, 2019</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,628</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,005</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">563</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">304</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,757</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">34,257</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Additions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,955</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">148</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,103</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Disposals</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(36</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(694</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(731</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(909</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(120</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,035</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Translation adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,513</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">137</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">65</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,715</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Balance at December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,141</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28,015</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">396</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,757</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">48,309</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Cost</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,141</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33,220</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">531</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,861</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,757</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">57,510</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Accumulated amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,205</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(531</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,465</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,201</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Balance at December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,141</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28,015</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">396</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,757</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">48,309</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Additions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,442</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">257</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,699</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Disposals</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(43</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,288</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(189</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,477</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Acquisition of NLC (note 16)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,188</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,188</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Impairment of discontinued operations (note 16)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,510</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,510</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Translation adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">764</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">342</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,121</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Balance at December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,905</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,149</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">479</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,754</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">50,287</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Cost</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,905</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">35,338</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,882</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,754</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">58,879</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Accumulated amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,189</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,403</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8,592</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Balance at December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,905</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,149</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">479</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,754</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">50,287</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Parent Company</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Concessions</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Contract right</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Software</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Total</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 48%; color: Black; padding-bottom: 1pt">Balance at December 31, 2019</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,993</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">99</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">179</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,271</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Additions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,955</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">104</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,059</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Disposals</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(36</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(94</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(131</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(909</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(59</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(973</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Merger of Ferrous Resources do Brasil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Balance at December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28,015</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">228</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28,243</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Cost</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33,220</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">130</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,618</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">35,968</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Accumulated amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,205</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(130</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,390</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,725</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Balance at December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28,015</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">228</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28,243</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Additions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,355</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">147</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,502</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Disposals</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(59</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(59</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,162</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(84</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,246</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Balance at December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,149</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">291</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,440</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Cost</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">35,338</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,471</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">36,809</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Accumulated amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,189</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,180</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,369</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Balance at December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,149</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">291</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,440</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>a) Concessions
 &ndash; </B>Substantially refers to EFC and EFVM operating concession agreements (note 14).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>b) Goodwill &ndash;
</B>Includes the goodwill derived from acquisition of iron ore and nickel businesses and the goodwill from the incorporation of Valepar
into Vale in 2017. This goodwill was recognized on the acquisition of Vale controlling interest by Valepar, based on the expected future
returns of the ferrous segment. The Company has not recognized the deferred taxes over the goodwill, since there are no differences between
the tax basis and accounting basis. Annually, the Company assesses the impairment of this asset, or more frequently when an indication
of impairment is identified (note 19).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>c) Research and
development project and patents -</B> Refers to in-process research and development projects and patents identified in the business combination
of New Steel Global N.V. (note 15) acquired in 2019. The intangible assets of research and development are not subject to amortization
until the operational phase is reached. Thus, the Company annually assesses the impairment of this asset, or more frequently when an
indication of impairment is identified (note 19).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Intangibles are carried
at acquisition cost, net of accumulated amortization and impairment charges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The estimated useful
lives are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt; padding-left: 1.45pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-bottom: 1pt">Useful life</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 83%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">Railway concessions</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5 to 37 years</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">Contract right</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">22 to 31 years</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">Software</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5 years</TD></TR>
  </TABLE>



<P STYLE="border-bottom: Black 1pt solid; color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: navy; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><A NAME="va_026"></A>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property,
plant and equipment</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Consolidated</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Building<BR>

    and land</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Facilities</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Equipment</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mineral<BR>

    properties</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Railway<BR>

    equipment</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Right
    of<BR>
 use assets</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Others</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Constructions<BR>

    in progress</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    at December 31, 2019</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">43,137</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">38,713</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,921</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33,302</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,063</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,819</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 5%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,138</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,640</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">187,733</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Additions
    (i)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">646</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21,528</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,174</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Disposals</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(75</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(504</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(39</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(64</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(29</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(39</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(436</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,186</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Assets
    retirement obligation</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,931</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,931</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation,
    depletion and amortization</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,245</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,384</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,726</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,344</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(936</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(875</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,489</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(13,999</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Impairment
    (note 19)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(729</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(904</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(124</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(458</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(434</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(799</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,450</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black">Transfer to assets held for sale</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(178</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(648</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(17</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(324</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(526</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,703</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Translation
    adjustment</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,578</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,642</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,672</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,016</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">74</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,534</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,529</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,291</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21,336</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,158</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,533</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,950</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,794</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">936</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,272</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(10,643</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    at December 31, 2020</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">44,646</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">39,448</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">25,637</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">41,853</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,108</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,121</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,968</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28,055</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">213,836</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">78,653</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">60,750</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">55,500</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">88,716</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20,022</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,216</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">30,627</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28,055</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">372,539</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Accumulated
    depreciation</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(34,007</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(21,302</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(29,863</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(46,863</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6,914</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,095</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(17,659</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(158,703</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    at December 31, 2020</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">44,646</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">39,448</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">25,637</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">41,853</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,108</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,121</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,968</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28,055</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">213,836</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Additions
    (i)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,014</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28,768</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">29,782</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Disposals</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(77</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(171</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(367</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(11</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(49</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(26</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(343</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,044</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Assets
    retirement obligation</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">318</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">318</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation,
    depletion and amortization</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,355</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,562</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,587</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,445</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(890</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(938</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,435</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(14,212</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquisition
    of NLC (note 16)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,185</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">663</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">515</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,640</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">167</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">460</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,640</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Impairment
    (note 19)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(61</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(37</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(66</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(119</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(75</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(33</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(336</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(727</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Impairment
    of discontinued operations (note 16)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,221</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(604</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(451</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,673</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(172</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(20</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,647</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5,788</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers
    to assets held for sale (note 16)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(10</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(8</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(14</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(35</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Translation
    adjustment</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,036</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">591</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,201</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,215</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">59</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">462</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">389</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,272</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,225</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,265</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,031</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,589</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,395</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">829</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,012</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(13,121</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    at December 31, 2021</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">45,408</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">40,357</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">26,463</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">43,206</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,024</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,579</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,864</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">43,094</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">233,995</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">83,358</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">64,508</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">60,099</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">95,072</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20,741</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,240</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">30,526</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">43,094</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">408,638</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Accumulated
    depreciation</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(37,950</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(24,151</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(33,636</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(51,866</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,717</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,661</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(16,662</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(174,643</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    at December 31, 2021</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">45,408</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">40,357</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">26,463</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">43,206</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,024</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,579</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,864</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">43,094</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">233,995</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">(i)
Includes capitalized interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The additions in the year mainly refer to: (i) Salobo III project,
expansion of the Voisey's Bay mine and Serra Sul 120 Mtpy project; (ii) start of execution of the Capanema (Ferrosos) and Sol do Cerrado
(solar energy) project; and (iii) higher expenses in the Coal business.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD COLSPAN="33" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Parent Company</B></FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Building<BR> and land</B></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Facilities</B></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Equipment</B></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Mineral<BR> properties</B></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Railway<BR> equipment</B></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Right of<BR> use assets</B></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Others</B></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Constructions<BR> in progress</B></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Total</B></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    at December 31, 2019</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28,352</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">30,220</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,213</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,153</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,766</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,114</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,841</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,216</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">105,875</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Additions
    (i)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">348</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,700</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,048</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Disposals</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(49</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(424</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(20</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(29</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(117</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(626</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Assets
    retirement obligation</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">227</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">227</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation,
    depletion and amortization</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,234</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,637</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,424</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(490</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(904</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(350</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,087</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,126</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Merger</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">679</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">325</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">73</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">990</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(136</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,940</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">551</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,083</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,390</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,136</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">879</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,293</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,332</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    at December 31, 2020</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28,299</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">30,567</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,232</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,016</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,713</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,115</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,065</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,331</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">111,338</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">37,516</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">41,631</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,890</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,124</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,162</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,773</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,631</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,331</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">160,058</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Accumulated
    depreciation</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9,217</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(11,064</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9,658</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,108</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6,449</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(658</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(8,566</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(48,720</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    at December 31, 2020</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28,299</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">30,567</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,232</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,016</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,713</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,115</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,065</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,331</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">111,338</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Additions
    (i)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">769</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,874</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18,643</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Disposals</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(16</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(52</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(38</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(52</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,025</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(18</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(296</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,497</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Assets
    retirement obligation</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(200</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(200</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation,
    depletion and amortization</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,365</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,665</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,568</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(696</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(791</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(200</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,099</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,384</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Merger
    os subsidiaries (note 15)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">434</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">293</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">277</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">641</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">25</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">104</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,320</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,094</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers
    held for sale (note 16)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(10</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(8</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(14</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(35</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,893</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,317</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,293</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">475</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">758</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,492</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9,228</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    at December 31, 2021</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">29,235</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">31,458</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,188</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,236</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,653</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,659</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,543</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20,987</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">123,959</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">41,567</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">45,178</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,866</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,318</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,920</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,517</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,003</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20,987</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">183,356</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Accumulated
    depreciation</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(12,332</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(13,720</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(11,678</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,082</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,267</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(858</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9,460</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(59,397</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance
    at December 31, 2021</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">29,235</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">31,458</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,188</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,236</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,653</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,659</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,543</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20,987</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">123,959</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">(i)
Includes capitalized interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The additions in the year mainly refer
to: (i) Salobo III project, expansion of the Voisey's Bay mine and Serra Sul 120 Mtpy project; (ii) start of execution of the Capanema
(Ferrosos) and Sol do Cerrado (solar energy) project; and (iii) higher expenses in the Coal business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Right-of-use
assets (leases)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31,<BR>
 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Additions and<BR>
 contract<BR>
 modifications</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: italic bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: italic bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Impairment</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: italic bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Impairment of<BR>
 discontinued<BR>
 operations<BR>
 (note 16a)</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Depreciation</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Translation<BR>
 adjustment</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31,<BR>
 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black">Ports</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,732</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">170</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(75</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(257</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">227</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,797</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Vessels</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,779</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(232</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">197</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,744</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Pelletizing plants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">683</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">723</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(203</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,203</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Properties</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">579</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(151</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">468</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Energy plants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">287</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(36</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">271</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">Mining equipment and locomotives</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">61</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">246</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(172</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(59</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">20</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">96</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">8,121</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,181</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(75</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(172</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(938</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">462</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">8,579</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Lease liabilities
are presented in note 23.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Property, plant, and
equipment are recorded at the cost of acquisition or construction, net of accumulated depreciation and impairment charges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Mineral properties
developed internally are determined by (i) direct and indirect costs attributed to build the mining facilities, (ii) financial charges
incurred during the construction period, (iii) depreciation of other fixed assets used during construction, (iv) estimated decommissioning
and site restoration expenses, and (v) other capitalized expenditures during the development phase (phase when the project demonstrates
its economic benefit to the Company, and the Company has ability and intention to complete the project).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The depletion of mineral
properties is determined based on the ratio between production and total proven and probable mineral reserves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Property, plant and
equipment, other than mineral properties are depreciated using the straight-line method based on the estimated useful lives, from the
date on which the assets become available for their intended use and are capitalized, except for land which is not depreciated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><B>Notes to the Financial Statements</B> <BR>
  <B>Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
  <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><IMG SRC="tm225345d2_6ksp10img01.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">The
estimated useful lives are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt; padding-left: 1.45pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Useful life</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 89%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">Buildings</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;3 to 50 years</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">Facilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;3 to 50 years</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in; color: Black; text-align: justify">Equipment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;3 to 40 years</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">Locomotives</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;12 to 25 years</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">Wagons</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;30 to 45 years</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">Railway equipment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;5 to 37 years</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">Vessels</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;20 to 25 years</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;2 to 50 years</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The residual values
and useful lives of assets are reviewed at the end of each reporting period and adjusted if necessary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Expenditures
and stripping costs</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>(i) Exploration
and evaluation expenditures - </B>Expenditures on mining research are accounted for as operating expenses until the effective proof of
economic feasibility and commercial viability of a given field can be demonstrated. From then on, the expenditures incurred are capitalized
as mineral properties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>(ii) Expenditures
on feasibility studies, new technologies and others research - </B>The Company also conducts feasibility studies for many businesses
which it operates including researching new technologies to optimize the mining process. After these costs are proven to generate future
benefits to the Company, the expenditures incurred are capitalized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>(iii) Maintenance
costs -</B> Significant industrial maintenance costs, including spare parts, assembly services, and others, are recorded in property,
plant and equipment and depreciated through the next programmed maintenance overhaul.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>(iv) Stripping
Costs -</B> The cost associated with the removal of overburden and other waste materials (&ldquo;stripping costs&rdquo;) incurred during
the development of mines, before production takes place, are capitalized as part of the depreciable cost of the mineral properties. These
costs are subsequently amortized over the useful life of the mine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Post-production stripping
costs are included in the cost of inventory, except when a new project is developed to permit access to a significant ore deposit. In
such cases, the cost is capitalized as a non-current asset and is amortized during the extraction of the ore deposits, over the useful
life of the ore deposits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Leases -</B> The
Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured
at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement
date. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of
the end of the lease term or the end of the useful life of the right-of-use asset.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company does not
recognize right-of-use assets and liabilities for leases with less than 12 months of lease term and/or leases of low-value assets. The
payments associated to these leases are recognized as an expense on a straight-line basis over the lease term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The lease liability
is initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that
rate cannot be readily determined, the Company&rsquo;s incremental borrowing rate. Lease payments included in the measurement of the
lease liability comprise: (i) fixed payments, including in-substance fixed payments; (ii) variable lease payments that depend on an index
or a rate; and (iii) the exercise price under a purchase option or renewal option that are under the Company&rsquo;s control and is reasonably
certain to be exercised.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The lease liability
is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising
from a change in an index or rate. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount
of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Lease liabilities are presented in note 23.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Critical
accounting estimates and judgments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Mineral reserves
- </B>The estimates of proven and probable reserves are regularly evaluated and updated. These reserves are determined using generally
accepted geological estimates. The calculation of reserves requires the Company to make assumptions about expected future conditions
that are uncertain, including future ore prices, exchange rates, inflation rates, mining technology, availability of permits and production
costs. Changes in assumptions could have a significant impact on the proven and probable reserves of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><B>Notes to the Financial Statements</B> <BR>
  <B>Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
  <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><IMG SRC="tm225345d2_6ksp10img01.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The estimated volume
of mineral reserves is used as basis for the calculation of depletion of the mineral properties, and also for the estimated useful life
which is a major factor to quantify the provision for asset retirement obligation, environmental recovery of mines and impairment of
long lived asset. Any changes to the estimates of the volume of mine reserves and the useful lives of assets may have a significant impact
on the depreciation, depletion and amortization charges and assessments of impairment.</FONT></P>



<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><A NAME="va_027"></A>19.
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment and onerous contracts</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: black">The
impairment losses recognized in the year are presented below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Income statement</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Impairment</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Segments by class of assets</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 8.2pt">Base metals &ndash; Nickel</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">549</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,728</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,319</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 8.2pt">Manganese</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">192</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">412</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 8.2pt">Other assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">535</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">681</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">487</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Impairment of non-current assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,276</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,821</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,806</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 1.45pt">Onerous contracts</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">987</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 1.45pt">Disposals of non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">976</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,147</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,020</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Impairment and disposals of non-current assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,352</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,968</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,813</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">a)&nbsp;&nbsp;
Impairment of assets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company tested
for impairment the cash generating units (&ldquo;CGU&rdquo;) for which a triggering event was identified and for goodwill. The recoverable
amount of each CGU under the Company&rsquo;s impairment test was assessed using the fair value less costs of disposal model (&ldquo;FVLCD&rdquo;),
through discounted cash flow techniques, which is classified as &ldquo;level 3&rdquo; in the fair value hierarchy, taking into consideration
offers and purchase agreements, if applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The cash flows were
discounted by using a post-tax discount rate expressed in real terms, which represents an estimate of the rate that a market participant
would apply having regard to the time value of money and the asset&rsquo;s specific risk. The Company used its weighted average cost
of capital (&ldquo;WACC&rdquo;) as a starting point for determining the discount rates, with appropriate adjustments for the risk profile
of the countries in which the individual CGU operate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Base
Metals</B></FONT></P>

<P STYLE="color: #007E7A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"><U>Vale
Nouvelle-Cal&eacute;donie S.A.S. (&ldquo;VNC&rdquo;), Nickel</U> &ndash; The New Caledonia operation faced difficulties throughout 2019,
mainly in relation to the production and processing of refined nickel, associated with the challenges resulting from the remote location
of this asset. Therefore, the Company initiated studies of alternatives for New Caledonia, considering operational and commercial alternatives
to improve Vale Nova Caledonia&rsquo;s short-term cash flows. Based on the review of the business plans carried out in 2019, the Company
reduced the expected production levels of refined nickel products for the remaining useful life of the mine, resulting in an impairment
of R$10,319 (US$2,511 million) recognized as at December 31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">Based
on the operational difficulties faced by VNC, in 2020, the Company started a program for the sale of this asset. As a result of
negotiations with interested parties, VNC's assets and liabilities were classified as &quot;held for sale&quot; and measured at fair
value less cost to sell, resulting in the recognition of an impairment of R$4,728 (US$882 million) in the income statement for the
year ended December 31 2020, mainly due to the need for financing for the continuity of VNC&rsquo;s operations, including the
commitment to make investments for the conversion of the tailings deposit from wet stacking to dry stacking (&ldquo;Project
Lucy&rdquo;), which were estimated in the amount of R$2,820 (US$500 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">In
March 2021, the Company signed the share purchase and sale agreement with Prony Resources, concluding the transaction for the sale of
its interest in VNC (note 15). Under the terms of the definitive agreement, there was an increase in the value of the obligations assumed
by Vale for the maintenance of VNC&rsquo;s activities, which, combined with other adjustments in working capital, resulted in an additional
loss of R$549 (US$98 million) in the income for the year ended  December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><B>Notes to the Financial Statements</B> <BR>
  <B>Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
  <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><IMG SRC="tm225345d2_6ksp10img01.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Ferrous
Minerals</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Manganese
ferroalloys operations in Minas Gerais</U> &ndash; In September 2021, the Company signed an agreement to sell certain assets and
liabilities located in the state of Minas Gerais, which are part of Vale Mangan&ecirc;s S.A. (&ldquo;Vale Mangan&ecirc;s&rdquo;) and
relates to the manganese ferroalloys business, for R$223 (US$40 million). Thus, those assets and liabilities were classified as
 &ldquo;held for sale&rdquo; and measured at fair value less costs of disposal, resulting in the recognition of an impairment of
R$143 (US$25 million) recognized in the income statement as &ldquo;Impairment and disposal of non-current assets&rdquo; for the year
ended December 31, 2021 (note 16).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Sim&otilde;es
Filho, Ferroalloys of Manganese</U> - In 2020, the Company decided to shut down the Sim&otilde;es Filho operation, a plant located
in the Brazilian State of Bahia, that was part of Vale Mangan&ecirc;s business and produced manganese ferroalloys. The Company
tested this CGU for impairment, resulting in full impairment of inventories and other assets related to the Sim&otilde;es Filho
plant, and provision for closure of the site. As a result, the Company recognized an impairment of R$412 (US$76 million) as
 &ldquo;Impairment and disposals of non-current assets&rdquo; for the year ended December 31, 2020. In 2021, the Company recognized
an additional loss of R$49 (US$10 million) due to the review of the recoverability of the remaining obligations to close the
operations, recorded in the income statement for the year ended December 31, 2021, as &ldquo;Impairment and disposals of non-current
assets&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">b)
 &nbsp; Onerous contract</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In 2021, the
Company reviewed its expectation of iron ore production and sales volumes of the Midwest system. Following the revised plan for the
upcoming years, the Company has recognized an additional provision of R$100 (US$18 million) in relation to the costs of certain
long-term contracts, with minimum guaranteed volume for fluvial transportation and port structure. In 2019, this review resulted in
an additional provision of R$987 (US$240 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">c)
 &nbsp; Impairment test for the goodwill</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Carrying amount</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Discount rate</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Period of cash<BR>
 flow projections</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 61%; color: Black; text-align: left">Ferrous mineral</TD><TD STYLE="white-space: nowrap; width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,133</TD><TD STYLE="white-space: nowrap; width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4.4</TD><TD STYLE="white-space: nowrap; width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="white-space: nowrap; width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2051</TD><TD STYLE="white-space: nowrap; width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">Nickel</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,772</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.2% - 3.8% </FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: right">2045</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,905</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Goodwill, Iron
ore and pellets</U> - The Company recorded a goodwill related to the acquisition of Caemi Minera&ccedil;&atilde;o e Metalurgia S.A.,
merged into Vale in 2006. In 2021, the Company did not identify changes in circumstances or indicatives that could result in a
reduction of the recoverable value of the Iron ore and Pellets CGU. The Company did not identify losses on the goodwill impairment
testing and based on the projected cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Goodwill,
Nickel </U>- In 2006, the Company recorded a goodwill related to the acquisition of Inco Limited, currently Vale Canada Limited,
which is allocated to Nickel CGUs, which is tested annually. The impairment test of goodwill for 2021 carried out based on projected
cash flows demonstrates that there were no losses in relation to the goodwill allocated to the Nickel business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Impairment of non-financial
assets -</B> Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount might not be recoverable. An impairment loss is recognized for the amount by which the asset&acute;s carrying value exceeds its
recoverable amount. The recoverable amount is the higher of an asset&rsquo;s fair value less costs of disposal (&ldquo;FVLCD&rdquo;)
and value in use (&ldquo;VIU&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FVLCD is generally determined as the present value
of the estimated future cash flows expected to arise from the continued use of the asset from a market participant&rsquo;s perspective,
including any expansion prospects. VIU model is determined as the present value of the estimated future cash flows expected to arise from
the continued use of the asset in its present form. Value in use is determined by applying assumptions specific to the Company&rsquo;s
continued use and cannot take into account future development. These assumptions are different to those used in calculating fair value
and consequently the VIU calculation is likely to give a different result to a FVLCD calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assets that have an indefinite useful life and
are not subject to amortization, such as goodwill, are tested annually for impairment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash flows (CGU). Goodwill is allocated to Cash Generating
Units or Cash Generating Units groups that are expected to benefit from the business combinations in which the goodwill arose and are
identified in accordance with the operating segment.</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><B>Notes to the Financial Statements</B> <BR>
  <B>Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
  <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><IMG SRC="tm225345d2_6ksp10img01.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-current assets (excluding goodwill) in which
the Company recognized impairment in the past are reviewed whenever events or changes in circumstances indicate that the impairment may
no longer be applicable. In such cases, an impairment reversal will be recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Onerous Contracts -</B> For certain long-term contracts, a provision
is recognized when the present value of the unavoidable cost to meet the Company&rsquo;s obligation exceeds the economic benefits that
could be received from those contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<FONT STYLE="color: Black">&nbsp;</FONT></P>



<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>Critical
accounting estimates and judgments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Significant judgements,
estimates and assumptions are required to determine whether an impairment trigger has occurred and to prepare the Company&rsquo;s cash
flows. Management uses the budgets approved as a starting point and key assumptions are, but not limited to: (i) mineral reserves and
mineral resources measured by internal experts; (ii) costs and investments based on the best estimate of projects as supported by past
performance; (iii) sale prices consistent with projections available in reports published by industry considering the market price when
appropriate; (iv) the useful life of each cash-generating unit (ratio between production and mineral reserves); and (v) discount rates
that reflect specific risks relating to the relevant assets in each cash-generating unit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">These assumptions
are susceptible to risks and uncertainties and may change the Company&rsquo;s projection and, therefore, may affect the recoverable value
of assets.</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: #00807A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><A NAME="va_028"></A>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
and capital risk management</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company is exposed
to several financial and capital risk factors that may impact its performance and equity position. The evaluation of the exposure to
financial and capital risks is performed periodically to support decision making process regarding the risk management strategy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company's policy&nbsp;aims
at establishing a&nbsp;capital structure that will ensure&nbsp;the continuity&nbsp;of our business&nbsp;in the long&nbsp;term.&nbsp;Within
this&nbsp;perspective, the Company&nbsp;has been able to deliver value&nbsp;to stockholders&nbsp;through&nbsp;dividend payments and capital
gain,&nbsp;and at the same&nbsp;time maintain&nbsp;a&nbsp;debt profile&nbsp;suitable for&nbsp;its activities, with&nbsp;an amortization&nbsp;well
distributed&nbsp;over the years,&nbsp;thus avoiding&nbsp;a concentration in one&nbsp;specific&nbsp;period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Board of Directors
establishes and supervises the management of financial risks with the support of a Financial Committee. The Financial Committee ensures
that Company's financial activities are governed by appropriate policies and procedures and that financial risks are identified, measured
and managed in accordance with the Company's policies and objectives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company has developed
its strategy through an integrated view of the risks to which it is exposed, considering not only the risk, generated by of variables
traded in the financial market (market risk) and the liquidity risk, but also the risk arising from obligations assumed by third parties
to the Company (credit risk), among others.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company uses derivative financial instruments to protect its exposure to these market risks arising from operating, financing and investment
activities. The portfolios composed of these financial instruments are monitored monthly, allowing the monitoring of financial results
and their impact on cash flow. The Company applies hedge accounting to its net investment in foreign operation and nickel, palladium
and coal revenue programs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company does not
have any derivatives increasing financial leverage beyond the nominal amount of its contracts. The Company contracts derivatives solely
to mitigate market risks.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Risks</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom; width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Origin
    of the exhibition</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Management</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Market
    Risk - Exchange Rate</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Financial
    instruments and other financial liabilities that are not denominated in US$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Swap
    and forward operations</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Market
    risk - Interest rate</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Loans
    and financing indexed to different interest rates including, but not limited to, LIBOR and CDI</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Swap
    operations </FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Market
    risk - Product and input prices</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Volatility
    of commodity and input prices</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Forward
    operations and option contracts </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Credit
    Risk</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Receivables,
    derivative transactions, guarantees, advances to suppliers and financial investments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Portfolio
    diversification and policies for monitoring counterparty solvency and liquidity indicators </FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Liquidity
    risk</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Contractual
    or assumed obligations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Availability
    of revolving credit lines </FONT></TD></TR>
  </TABLE>
<P STYLE="color: #00807A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #00807A; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><B>Notes to the Financial Statements</B> <BR>
  <B>Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
  <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><IMG SRC="tm225345d2_6ksp10img01.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #00807A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">a)
Method and techniques of valuation of derivatives</FONT></P>

<P STYLE="color: #00807A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The risk of the derivatives
portfolio is measured using the delta-Normal parametric approach and considers that the future distribution of the risk factors and its
correlations tends to present the same statistic properties verified in the historical data. The value at risk estimate considers a 95%
confidence level for a one-business daytime horizon.</FONT></P>

<P STYLE="color: #00807A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
derivative financial instruments were evaluated using the curves and market prices that impact each instrument on the calculation dates.
For the pricing options the Company generally uses the Black &amp; Scholes model. In this model, the fair value of the derivative is
obtained basically as a function of the volatility and price of the underlying asset, the exercise price of the option, the risk-free
interest rate and the term to maturity of the option. In the case of options where the result is a function of the average price of the
underlying asset in a certain period of the option&rsquo;s life, called Asian, the Company uses the Turnbull &amp; Wakeman model. In
this model, in addition to the factors that influence the option price in the Black &amp; Scholes model, the average price formation
period is considered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">In
the case of swaps, both the present value of the active and the passive tip are estimated by discounting their cash flows by the interest
rates in the corresponding currencies. The fair value is obtained by the difference between the present value of the active tip and the
passive tip of the swap in the reference currency. In the case of swaps linked to Brazilian long-term interest rate (&ldquo;TJLP&rdquo;),
the fair value calculation considers the constant TJLP, i.e., projections of future cash flows in reais are made considering the last
TJLP disclosed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">Forward
and future contracts are priced using the future curves of the respective underlying assets. These curves are usually obtained from the
exchanges where these assets are traded, such as the London Metals Exchange (&ldquo;LME&rdquo;), the Commodities Exchange (&ldquo;COMEX&rdquo;)
or other market price providers. When there is no price for the desired maturity, the Company uses interpolations between the available
maturities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: #00807A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">a.i)
Effects of derivatives on the balance sheet</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Consolidated</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Current</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Non-current</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Current</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Non-current</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Foreign exchange and interest rate risk</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48%; color: black; text-align: left">IPCA swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">228</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">37</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">197</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Eurobond's swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">13</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Pre-dollar swap and forward transactions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">112</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">Libor swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">346</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">108</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">37</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">256</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">Commodities price risk</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Base metals products</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">156</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">158</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">Gasoil, Brent and freight</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">503</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">203</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">661</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">91</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">70</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">91</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">619</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">110</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">698</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">347</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Liabilities</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Current</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Non-current</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Current</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Non-current</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Foreign exchange and interest rate risk</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48%; color: Black; text-align: left">CDI &amp; TJLP vs. US$ fixed and floating rate swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">842</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">2,453</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">576</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">2,724</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">IPCA swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">629</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">382</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">520</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Eurobond's swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Pre-dollar swap and forward transactions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">321</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">213</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">324</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">303</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Libor swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,189</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,301</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,306</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,578</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Commodities price risk</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Base metals products</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">149</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">242</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Gasoil, Brent and freight</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">64</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">163</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">306</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,355</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,301</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,712</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,578</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>




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<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 80%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Notes
to the Financial Statements <BR>
Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 10pt; text-align: right; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B><IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Assets</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Current</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Non-current</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Current</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Non-current</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Foreign exchange and interest rate risk</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48%; color: Black; text-align: left">IPCA swap</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">228</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">197</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Pre-dollar swap and forward transactions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">112</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">340</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">243</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">95</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">95</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">410</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">338</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Liabilities</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Current</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Non-current</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Current</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Non-current</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Foreign exchange and interest rate risk</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48%; color: Black; text-align: left">CDI &amp; TJLP vs. US$ fixed and floating rate swap</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">532</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,200</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">493</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,253</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">IPCA swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">629</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">288</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">520</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Pre-dollar swap and forward transactions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">321</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">213</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">286</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">303</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">879</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,042</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,067</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,076</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">99</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">879</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,042</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,166</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,076</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>a.ii)
Net exposure</B></FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Foreign exchange and interest rate risk</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48%; color: black; text-align: left">CDI &amp; TJLP vs. US$ fixed and floating rate swap</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,295</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,300</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,732</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,746</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">IPCA swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(427</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(668</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(427</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(574</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Eurobonds swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Pre-dollar swap and forward (NDF)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(376</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(581</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(376</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(543</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">Libor swap (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">62</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(36</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(4,036</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(4,591</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,535</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,863</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">Commodities price risk</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Base metals products</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">Gasoil, Brent and freight</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">33</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">439</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">42</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">355</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">67</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(9</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">70</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(4</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">67</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(9</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">70</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(4</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,927</TD><TD STYLE="padding-top: 1pt; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1.5pt; color: black; text-align: left">)</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(4,245</TD><TD STYLE="padding-top: 1pt; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1.5pt; color: black; text-align: left">)</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,465</TD><TD STYLE="padding-top: 1pt; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1.5pt; color: black; text-align: left">)</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,867</TD><TD STYLE="padding-top: 1pt; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1.5pt; color: black; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">(i)
In March 2021, the UK Financial Conduct Authority (&ldquo;FCA&rdquo;), the financial regulator in the United Kingdom, announced the discontinuation
of the LIBOR rate for all terms in pounds, euros, Swiss francs, yen and for terms of one week and two months in dollars at the end of
December 2021 and the other terms at the end of June 2023. The Company has a multidisciplinary group dedicated to studying the rate transition
and its potential impacts and is monitoring and advising various areas of Vale on the necessary initiatives.</FONT></P>

<P STYLE="color: teal; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: teal; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">a.iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effects
of derivatives on the income statement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Gain (loss) recognized in the income statement</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Foreign exchange and interest rate risk</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; color: Black; text-align: left">CDI &amp; TJLP vs. US$ fixed and floating rate swap</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(725</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,498</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(168</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(610</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,974</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">IPCA swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">146</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,259</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">469</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">146</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,223</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Eurobonds swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(154</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">182</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(153</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Pre-dollar swap and forward transactions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(761</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(292</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(721</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Libor swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">92</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(37</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(891</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,373</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">154</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(756</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,918</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Commodities price risk</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Base metals products</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">58</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">222</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Gasoil, Brent and freight</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">666</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(496</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">158</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">658</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(438</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">380</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">80</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">285</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">392</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">76</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">80</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">285</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">392</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">76</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(153</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,526</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">926</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(680</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,872</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; color: Black; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="color: teal; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: teal; margin: 0pt 0; text-align: justify"></P>

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<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 80%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Notes
to the Financial Statements<BR>
Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT></TD><TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; text-align: right; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></B></FONT></TD>
</TR></TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: teal; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">a.iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effects
of derivatives on the cash flows</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">Consolidated</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><P>Parent Company</P></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">Financial settlement inflows (outflows)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Foreign exchange and interest rate risk</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; color: Black; text-align: left">CDI &amp; TJLP vs. US$ fixed and floating rate swap</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(770</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(737</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,536</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(624</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(625</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">IPCA swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(101</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Eurobonds swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(162</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Pre-dollar swap and forward transactions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(459</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(251</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">35</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(459</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(251</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Libor swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(8</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,496</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,013</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,621</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,083</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(876</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Commodities price risk</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Base metals products</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">195</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Gasoil, Brent and freight</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,096</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,112</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,106</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,057</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">207</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">327</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">79</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivatives designated as cash flow hedge accounting</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Nickel</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(371</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,460</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">48</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Palladium</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Coal</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(383</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(728</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,463</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">48</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,118</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(280</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,287</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,083</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(876</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>a.v)
Hedge accounting</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><P>Parent Company</P></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Gain (loss) recognized in the other comprehensive income</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; color: Black; text-align: left">Net investments hedge</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(646</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,732</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(324</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(646</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,732</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Cash flow hedge (Nickel and Palladium)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(631</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">427</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Net investment
hedge</U> - The Company uses hedge accounting for foreign exchange risk arising from Vale S.A.&rsquo;s net investments in Vale International
S.A. and Vale Holding BV. With the hedge program, the Company's debt with third parties denominated in United States dollars and euros
serves as a hedge instrument for investments in these subsidiaries. In March 2021, the Company redeemed all its euro bonds (note 23).
As a result, the amount of debt designated as a hedge instrument for this investment is R$11,700 (US$2,097 million) as at December 2021.
As a result of the hedge program, the impact of the exchange rate variation on the debt denominated in dollars and euros is now partially
recorded in other comprehensive results, as &ldquo;Translation adjustments&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Cash flow hedge
(Nickel)</U> - To reduce the cash flow volatility due to nickel price fluctuations, the Company implemented the Nickel Revenue Hedge
Program in 2019. In this program, hedging operations were executed, through option contracts, to protect a portion of the projected volume
of sales at floating, highly probable realization prices, guaranteeing prices above the average unit cost of nickel production for the
protected volumes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In April 2020, the
option contracts were liquidated to increase the Company's cash position as a result of the pandemic in order to increase the Company&rsquo;s
liquidity, temporarily discontinuing the Nickel Revenue Hedge program. The amount that was accumulated in the cash flow hedge reserve
up to the settlement date of these option contracts is being recycled to income as the sale of nickel is recognized in the income statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In October 2020, the
Company executed new hedge operations, continuing the Nickel Revenue Hedge program. The program was renewed for 2022 mainly due to the
high volatility of nickel prices linked to future cash flows forecast for the year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The contracts are
traded on the London Metal Exchange or over-the-counter market and the hedged item's P&amp;L is offset by the hedged item&rsquo;s P&amp;L
due to Nickel price variation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 80%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Notes
to the Financial Statements<BR>
Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; text-align: right; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B><IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Notional
    (ton)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fair value</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Financial<BR>

    settlement <BR>
Inflows<BR>
 (Outflows)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Value
    at <BR>
Risk</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Fair
    <BR>
value by <BR>
year</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; color: Black"><FONT STYLE="font-size: 8pt">Flow</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    <BR>
31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    <BR>
31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Bought
    / <BR>
Sold</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Average
    strike<BR>
 (US$/ton)</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December<BR>

    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    <BR>
31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    <BR>
31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    <BR>
31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2022</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Nickel
    Revenue Hedge Program</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 19%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Call
    options</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">58,620</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">S</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(240</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(360</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Put
    options</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">58,620</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">B</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">143</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Forward</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">39,575</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">S</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">20,008</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(143</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">127</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(143</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(143</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(97</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(360</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">127</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(143</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Cash flow hedge
(Palladium)</U> - To reduce the volatility of its future cash flows arising from changes in palladium prices, the Company implemented
a Palladium Revenue Hedging Program. Under this program, hedge operations were executed using forwards and option contracts to protect
a portion of the highly probable forecast sales at floating prices. A hedge accounting treatment is given to this program. The derivative
transactions under the program are negotiated over-the-counter and the financial settlement inflows/outflows are offset by the protected
items&rsquo; losses/gains due to palladium price changes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Notional
    (t oz)</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt"><B>Fair
    value</B></FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Financial<BR>
    settlement<BR>
    Inflows<BR>
    (Outflows)</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Value
    at<BR>
    Risk</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Fair
    <BR>
    value by<BR>
    year</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; color: Black"><FONT STYLE="font-size: 8pt">Flow</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December<BR>

    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December<BR>

    31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Bought
    /<BR>
    Sold</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Average
    strike<BR>
 (US$/t oz)</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    <BR>
31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December<BR>

    31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December<BR>

    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December<BR>

    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2022</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Palladium
    Revenue Hedge Program</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 19%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Call
    Options</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">44,228</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">7,200</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">S</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">3,370</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(5</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(5</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(2</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(5</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Put
    Options</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">44,228</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">7,200</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">B</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,436</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">146</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">29</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">82</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">146</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">141</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(4</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">27</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">93</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">141</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Cash flow hedge
(Metallurgical Coal)</U> &ndash; To reduce the volatility of its cash flow as a result of fluctuations in metallurgical coal prices,
in July 2021, the Company implemented a Metallurgical Coal Revenue Hedge Program. Under this program, hedge transactions were executed
through forward contracts to protect a portion of the projected sales of this product at fluctuating prices that is highly probable to
occur. Hedge accounting treatment is being given to the program. The contracts are traded over-the-counter and the cash settlement in/out
results are offset by the protected items' loss/gain results due to metallurgical coal price variations. The program was liquidated in
December 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Notional
    (ton)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Fair
    value</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Financial<BR>

    settlement<BR>
 Inflows<BR>
 (Outflows)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Risk
    Value</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Fair
    Value<BR>
 by year</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; color: Black"><FONT STYLE="font-size: 8pt">Flow</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December<BR>

    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December<BR>

    31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Buy
    / Sell</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    <BR>
31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    <BR>
31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December<BR>

    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    <BR>
31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2022</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 28%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Metallurgical
    Coal Revenue Hedge Program</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>S</B></FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(46</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Cash flow hedge
(Thermal Coal)</U> &ndash; In order to reduce the volatility in thermal coal prices, the Company implemented in May 2021, the Thermal
Coal Revenue Hedge Program. Under this program, hedge transactions were executed through forward contracts to protect a portion of the
projected sales of this product at fluctuating prices. The program was liquidated in December 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Notional
    (ton)</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Fair
    Value</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Financial
    settlement Inflows (Outflows)</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Risk
    Value</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Fair
    value by year</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">Flow</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    <BR>
    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December<BR>
    31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Bought
    /<BR>
    Sold</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    <BR>
    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December<BR>
    31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December<BR>
    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    <BR>
    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2022</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Thermal coal
    revenue Hedge Program</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 28%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">New
    Castle</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">S</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(231</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">API4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black">S</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(100</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.25pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(331</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 80%; text-align: left"><FONT STYLE="color: Black"><B>Notes to the Financial
Statements <BR>
Expressed in millions of Brazilian reais, unless otherwise stated</B>&nbsp;</FONT></TD><TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; text-align: right; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B><IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0; color: #00807A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>b)
Market risk - Foreign exchange and interest rates</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company&rsquo;s
cash flow is exposed to the volatility of several currencies against the U.S. dollar. While most of our product prices are indexed to
U.S. dollars, most of our costs, disbursements and investments are indexed to currencies other than the U.S. dollar, principally the
Brazilian real and the Canadian dollar.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company implements
hedge transactions to protect its cash flow against the market risks that arises from its debt obligations and other liabilities &ndash;
mainly currency volatility. The hedges cover most of the debt denominated in Brazilian real. The Company uses swap and forward transactions
to convert debt and financial obligations linked to Brazilian real into U.S. dollar, with volumes, flows and settlement dates similar
to those of the debt instruments and financial obligations - or sometimes lower, subject to market liquidity conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Hedging instruments
with shorter settlement dates are renegotiated through time so that their final maturity matches - or becomes closer - to the debt and
financial obligations final maturity. At each settlement date, the results of the swap and forward transactions partially offset the
impact of the foreign exchange rate in the Company&rsquo;s obligations, contributing to stabilize the cash disbursements in U.S. dollar.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>(b.i)
Protection programs for the R$ denominated debt instruments and other liabilities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">To reduce cash flow
volatility, swap and forward transactions were implemented to convert into US$ the cash flows from certain liabilities denominated in
R$ with interest rates linked mainly to Brazilian Interbank Interest rate (&ldquo;CDI&rdquo;), TJLP and consumer price index (&ldquo;IPCA&rdquo;).
In those swaps, the Company pays fixed or floating rates in US$ and receives payments in R$ linked to the interest rates of the protected
liabilities. The swap and forward transactions were negotiated over-the-counter and the protected items are the cash flows from debt
instruments and other liabilities linked to R$.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">Notional</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Fair
    value</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">Financial
    Settlement Inflows (Outflows)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">Value
    at Risk</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Fair
    value by year</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Flow</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">December<BR>

    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">December
    <BR>
31, 2020</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">Index</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">Average
    rate</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">December
    <BR>
31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">December
    <BR>
31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">December<BR>

    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">December
    <BR>
31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">2022</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">2023</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">2024+</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">CDI
    vs. US$ fixed rate swap</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(2,572</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(2,454</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(350</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">224</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(586</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(356</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(1,630</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Receivable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black">R$
                                            8,142</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 7pt">R$
    9,445</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 7pt">CDI</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">100.40</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black">US$
                                            1,906</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 7pt">US$
    2,213</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 7pt">Fix</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">2.54</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">TJLP
    vs. US$ fixed rate swap</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(723</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(846</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(278</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">35</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(257</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(71</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(395</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Receivable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black">R$
                                            1,192</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 7pt">R$
    1,651</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 7pt">TJLP
    +</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1.10</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black">US$
                                            320</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 7pt">US$
    460</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 7pt">Fix</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">3.19</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">R$
    fixed rate vs. US$ fixed rate swap</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(354</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(575</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(499</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">123</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(294</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(31</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(29</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Receivable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black">R$
                                            5,730</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 7pt">R$
    2,512</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 7pt">Fix</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">3.82</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black">US$
                                            1,084</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 7pt">US$
    621</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 7pt">Fix</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-1.58</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">IPCA
    vs. US$ fixed rate swap</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(656</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(900</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(304</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">47</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(25</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(71</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(560</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Receivable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black">R$
                                            1,508</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 7pt">R$
    2,363</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 7pt">IPCA
    +</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">4.54</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black">US$
                                            373</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 7pt">US$
    622</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 7pt">Fix</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">3.88</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">IPCA
    vs. CDI swap</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">228</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">232</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">35</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">228</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Receivable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black">R$
                                            769</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 7pt">R$
    694</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 7pt">IPCA
    +</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">6.63</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black">R$
                                            1,350</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 7pt">R$
    550</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 7pt">CDI</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">98.76</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">EUR
    fixed rate vs. US$ fixed rate swap</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(162</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Receivable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 7pt">EUR
    500</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 7pt">Fix</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">0.00</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 7pt">US$
    613</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 7pt">Fix</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">0.00</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Forward</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black">R$
                                            6,013</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 7pt">R$
    916</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 7pt">B</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">5.57</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(22</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">74</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">110</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">85</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(51</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(56</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>b.ii)
Protection program for Libor floating interest rate US$ denominated debt</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company has also
exposure to interest rates risks over loans and financings. The US Dollar floating rate debt in the portfolio consists mainly of loans
including export pre-payments, commercial banks and multilateral organizations loans. In general, such debt instruments are indexed to
the LIBOR in US dollar.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 80%; text-align: left"><FONT STYLE="color: Black"><B>Notes to the Financial
Statements<BR>
Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; text-align: right; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B><IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">To reduce the cash
flow volatility, swap transactions were implemented to convert Libor floating interest rate cash flows from certain debt instruments
issued by the Company into fixed interest rate. In those swaps, the Company receives floating rates and pays fixed rates in US$.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Notional</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Fair
    value</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Financial<BR>

    Settlement<BR>
 Inflows<BR>
 (Outflows)</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Value
    at<BR>
 Risk</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Fair
    value by year</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; color: Black"><FONT STYLE="font-size: 8pt">Flow</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31,<BR>
 2021</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31, <BR>
2020</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Index</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Average
    rate</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2022</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2023</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2024+</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Libor
    vs. US$ fixed rate swap</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">62</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(36</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(8</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">4</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">46</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">Receivable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 8pt">US$
    950</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 8pt">US$
    950</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Libor</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">0.13</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">Payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 8pt">US$
    950</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 8pt">US$
    950</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Fix</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">0.48</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>c)
Market risk - Product prices and input costs</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company is also
exposed to market risks associated with the price volatility of commodities and inputs, especially freight and fuel costs. In line with
its risk management policy, risk mitigation strategies involving commodities are used to reduce cash flow volatility. These mitigation
strategies incorporate derivative instruments, predominantly forward, futures and options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>c.i)
Protection program for product prices and input costs</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Notional</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Fair
    value</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Financial<BR>

    settlement <BR>
Inflows <BR>
(Outflows)</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Value
    at <BR>
Risk</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Fair value by year</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; color: black"><FONT STYLE="font-size: 8pt">Flow</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31,<BR>
 2021</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31, <BR>
2020</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Bought
    / <BR>
Sold</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Average
    <BR>
strike<BR>
 (US$/bbl)</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31,<BR>
 2021</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31, <BR>
2020</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31, <BR>
2021</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31, <BR>
2021</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">2022+</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Brent
    crude oil (bbl)</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 21%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Call
    options</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">762,000</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">13,746,945</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">B</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">81</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">39</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">478</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">913</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">39</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Put
    options</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">762,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">13,746,945</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">S</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">55</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">(14</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">(59</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">(14</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Forward
    Freight Agreement (days)</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Freight
    forwards (days)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">330</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">1,625</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">B</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">23,650</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">23</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">158</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Brent Crude Oil
</U>- In order to reduce the impact of fluctuations in fuel oil prices on the hiring and availability of maritime freight and, consequently,
to reduce the Company&rsquo;s cash flow volatility, hedging operations were carried out through options contracts on Brent Crude Oil
for different portions of the exposure. The derivative transactions were negotiated over-the-counter and the protected item is part of
the costs linked to the price of fuel oil used on ships. The financial settlement inflows/outflows are offset by the protected items&rsquo;
losses/gains.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Freight derivative
</U>- To reduce the impact of maritime freight price volatility on the Company&rsquo;s cash flow, freight hedging transactions were implemented,
through Forward Freight Agreements (FFAs). The protected item is part of the costs linked to maritime freight spot prices. The financial
settlement inflows/outflows of the FFAs are offset by the protected items&rsquo; losses/gains due to freight price changes. The FFAs
are contracts traded over the counter and can be cleared through a Clearing House, in this case subject to margin requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>d)
Other derivatives, including embedded derivatives in contracts</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Notional</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fair
    value</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Financial<BR>

    settlement<BR>
 Inflows<BR>
 (Outflows)</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Value
    at<BR>
 Risk</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fair<BR>

    value</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 8pt Times New Roman, Times, Serif; text-align: left; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Flow</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">December
    31,<BR>
 2021</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">December
    31,<BR>
 2020</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Bought
    / Sold</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Average<BR>

    strike<BR>
 (US$/bbl)</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">December
    31,<BR>
 2021</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">December
    31,<BR>
 2020</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">December
    31,<BR>
 2021</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">December
    31,<BR>
 2021</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2022+</FONT></TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Option
    related to a Special Purpose Entity &ldquo;SPE&rdquo; (quantity)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left; width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Call
    option</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">137,751,623</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">137,751,623</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: black; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.12</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">70</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">95</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">70</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Embedded
    derivative in natural gas purchase agreement (volume/month)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Call
    options</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">729,571</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">746,667</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">S</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">233</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Embedded
    derivative in raw material purchase contract (tons)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Nickel
    forwards</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,269</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,497</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">S</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,817</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Copper
    forwards</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,603</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,009</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">S</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,571</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
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  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Minimum
    return guarantee on part of the stake in an associate sold to investment fund</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Put
    option</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">S</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(99</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
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    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fixed
    price sales protection (ton)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Nickel
    forwards</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">342</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16,284</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Hedge
    program for products acquisition for resale (tons)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Nickel
    forwards</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,206</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: center; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">S</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20,055</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Option related
to a Special Purpose Entity &ldquo;SPE</U>&rdquo; - The Company acquired in January 2019 a call option related to shares of certain special
purpose entities, which are part of a wind farm located in Bahia, Brazil. This option was acquired in the context of the Company's signing
of electric power purchase and sale agreements with an SPE, supplied by this wind farm.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Embedded derivative
in natural gas purchase agreement</U> - The Company has also a natural gas purchase agreement in which there&acute;s a clause that defines
that a premium can be charged if the Company&rsquo;s pellet sales prices trade above a pre-defined level. This clause is considered an
embedded derivative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Embedded derivative
in raw material purchase contract</U> - The Company has some nickel concentrate and raw materials purchase agreements in which there
are provisions based on nickel and copper future prices behavior. These provisions are considered as embedded derivatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Minimum return
guarantee on part of the stake in an associate sold to investment fund</U> - In 2014, the Company sold part of its stake in an associate
to an investment fund, of which sales contract establishes, under certain conditions, a minimum return guarantee on the investment whose
maturity was extended to December 2021. This is considered an embedded derivative, with payoff equivalent to a put option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Fixed price sales
protection</U> - The Company started an operational program to protect nickel sales at a fixed price, to convert to floating price commercial
contracts with customers to maintain the Company&rsquo;s exposure to price fluctuations. The transactions usually carried
out in this program are nickel purchases for future settlement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Hedge program for
products acquisition for resale</U> - The Company started a hedge program with forward transactions with the objective of reducing the
risk of price mismatch between the period of purchase and sale of products to third parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>e)
Sensitivity analysis of derivative financial instruments </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The following tables
present the potential value of the instruments given hypothetical stress scenarios for the main market risk factors that impact the derivatives
positions. The scenarios were defined as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">- Probable: the probable
scenario was defined as the fair value of the derivative instruments as at December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">- Scenario I: fair
value estimated considering a 25% deterioration in the associated risk variables.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">- Scenario II: fair
value estimated considering a 50% deterioration in the associated risk variables.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black">Instrument</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; border-bottom: Black 1pt solid">Instrument's main risk events</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Probable</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Scenario I</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Scenario II</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 38%; color: Black; text-align: left">CDI vs. US$ fixed rate swap</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">R$ depreciation</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,572</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,274</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,976</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">US$ interest rate inside Brazil decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,572</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,749</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,934</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">Brazilian interest rate increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,572</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,775</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,982</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Protected item: R$ denominated liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">R$ depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;n.a. </FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">TJLP vs. US$ fixed rate swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">R$ depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(722</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,139</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,557</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">US$ interest rate inside Brazil decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(722</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(739</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(757</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">Brazilian interest rate increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(722</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(773</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(819</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">TJLP interest rate decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(722</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(752</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(783</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Protected item: R$ denominated debt</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">R$ depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;n.a. </FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">R$ fixed rate vs. US$ fixed rate swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">R$ depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(354</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,810</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,265</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">US$ interest rate inside Brazil decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(354</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(409</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(465</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">Brazilian interest rate increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(354</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(572</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(774</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Protected item: R$ denominated debt</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">R$ depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;n.a. </FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">IPCA swap vs. US$ fixed rate swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">R$ depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(657</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,208</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,759</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">US$ interest rate inside Brazil decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(657</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(694</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(734</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">Brazilian interest rate increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(657</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(756</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(853</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">IPCA index decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(657</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(709</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(762</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Protected item: R$ denominated debt</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">R$ depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;n.a. </FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">IPCA swap vs. CDI swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">Brazilian interest rate increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">228</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">215</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">203</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">IPCA index decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">228</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">221</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">215</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Protected item: R$ denominated debt linked to IPCA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">IPCA index decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;n.a. </FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(221</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(215</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">US$ floating rate vs. US$ fixed rate swap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">US$ Libor decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Protected item: Libor US$ indexed debt</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">US$ Libor decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;n.a. </FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">NDF BRL/USD</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">R$ depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(22</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,369</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,717</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">US$ interest rate inside Brazil decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(22</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(59</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">Brazilian interest rate increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(22</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(161</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(292</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Protected item: R$ denominated liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">R$ depreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;n.a. </FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black">Instrument</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; border-bottom: Black 1pt solid">Instrument's main risk events</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Probable</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Scenario I</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Scenario II</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Fuel oil protection</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; color: Black">Options</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Price input decrease</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(21</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(79</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Protected item: Part of costs linked to fuel oil prices</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Price input decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">n.a.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">79</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Forward Freight Agreement</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Forwards</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Freight price decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Protected item: Part of costs linked to maritime freight prices</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Freight price decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">n.a.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Nickel sales fixed price protection</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Forwards</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Nickel price decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Protected item: Part of nickel revenues with fixed prices</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Nickel price decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">n.a.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Hedge program for products acquisition for resale (tons)</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Forwards</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Nickel price increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Protected item: Part of revenues from products for resale</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Nickel price increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">n.a.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Nickel Revenue Hedging Program</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Options</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Nickel price increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(143</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,298</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,454</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Protected item: Part of nickel revenues with fixed sales prices</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Nickel price increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">n.a.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,298</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,454</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Palladium Revenue Hedging Program</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Options</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Palladium price increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">141</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(13</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Protected item: Part of palladium future revenues</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Palladium price increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">n.a.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Option - SPCs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">SPCs stock value decrease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black">Instrument</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; border-bottom: Black 1pt solid">Main risks</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Probable</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Scenario I</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Scenario II</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; color: Black; text-align: left">Embedded derivatives - Raw material purchase (nickel)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Nickel price increase</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(125</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(245</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Embedded derivatives - Raw material purchase (copper)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Copper price increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(43</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Embedded derivatives - Gas purchase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Pellet price increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>f) Credit risk
management</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company is exposed
to credit risk arises from trade receivables, derivative transactions, guarantees, down payment for suppliers and cash investments. Our
credit risk management process provides a framework for assessing and managing counterparties&rsquo; credit risk and for maintaining
our risk at an acceptable level.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">For the commercial
credit exposure, which arises from sales to final customers, the risk management area, in accordance with the current delegation level,
approves or requests the approval of credit risk limits for each counterparty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Vale attributes an
internal credit risk rating for each counterparty using its own quantitative methodology for credit risk analysis, which is based on
market prices, external credit ratings and financial information of the counterparty, as well as qualitative information regarding the
counterparty&rsquo;s strategic position and history of commercial relations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Based on the counterparty&rsquo;s
credit risk, risk mitigation strategies may be used to manage the Company&rsquo;s credit risk. The main credit risk mitigation strategies
include non-recourse sale of receivables, insurance instruments, letters of credit, corporate and bank guarantees, mortgages, among others.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>f.i)
Accounts receivable</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Vale has a diversified
accounts receivable portfolio from a geographical standpoint, with Asia, Europe and Brazil the regions with more significant exposures.
According to each region, different guarantees can be used to enhance the credit quality of the receivables. Historically, the expected
credit loss on the Company&rsquo;s accounts receivable portfolio is&nbsp;immaterial (note 10).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>f.ii)
Financial instruments, except for accounts receivable</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">To manage the credit
exposure arising from cash investments and derivative instruments, credit limits are approved to each counterparty with whom the Company
has credit exposure. Furthermore, the Company controls the portfolio diversification and monitor different indicators of solvency and
liquidity of the different counterparties that were approved for trading. The carrying amount of the financial assets that represent
the exposure to credit risk is presented below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; color: Black; text-align: left">Cash and cash equivalents (note 23)</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">65,409</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70,086</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Short-term investments (note 23)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,028</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,006</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Restricted cash</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">653</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">197</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Judicial deposits (note 28)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,808</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,591</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">729</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,045</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Investments in equity securities (note 14a)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,936</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Related parties - Loans (note 31)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,800</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">74,660</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">91,661</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B></B></FONT>Parent Company <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B></B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>December 31, 2020</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Cash and cash equivalents (note 23)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">34,266</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">14,609</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Short-term investments (note 23)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">906</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,811</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Restricted cash</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">358</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">20</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Judicial deposits (note 28)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,543</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,265</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">456</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">375</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Investments in equity securities (note 14a)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,438</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Related parties - Loans (note 31)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">43</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">42</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">42,605</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,560</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>f.iii)
Financial counterparties&rsquo; ratings</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The transactions of
derivative instruments, cash and cash equivalents as well as short-term investments are held with financial institutions whose exposure
limits are periodically reviewed and approved by the delegated authority. The financial institutions credit risk is performed through
a methodology that considers, among other information, ratings provided by international rating agencies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The table below presents
the ratings in foreign currency as published by Moody&rsquo;s regarding the main financial institutions used by the Company to contract derivative instruments,
cash and cash equivalents transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Cash and cash<BR>
 equivalents and<BR>
 investment</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Derivatives</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Cash and cash<BR>
 equivalents and<BR>
 investment</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Derivatives</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48%; color: Black">Aa1</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">712</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">479</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Aa2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,592</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,884</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Aa3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,761</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">187</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,959</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">191</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">A1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,387</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,375</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">111</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">A2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,408</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">220</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,735</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">288</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">A3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,471</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">111</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,804</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">207</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Baa1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Baa2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">59</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Ba2 (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,420</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,238</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Ba3 (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,096</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,572</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">31</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">83</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">18</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">141</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">66,437</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">729</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">74,092</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,045</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black">(i) A substantial part of the balances is held with financial institutions in Brazil and, in local currency, they are deemed investment grade.<B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>g)
Liquidity risk management</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The liquidity risk
arises from the possibility that Vale might not perform its obligations on due dates, as well as face difficulties to meet its cash requirements
due to market liquidity constraints.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The available revolving
credit facilities are intended to assist short term liquidity management and to enable more efficiency in cash management and were provided
by a syndicate of several global commercial banks. The Company has two revolving credit facilities, in the amount of R$27,903 (US$5,000
million), for which R$16,742 (US$3,000 million) have maturity date in 2024 and R$11,161 (US$2,000 million) in 2026. As at December 31,
2021, these lines are undrawn.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">The
Company uses financial instruments to hedge its exposure to certain market risks arising from operational, financing and investing activities.
Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective
hedging instruments (hedge accounting). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">At
the beginning of the hedge operations, the Company documents the type of hedge, the relation between the hedging instrument and hedged
items, its risk management objective and strategy for undertaking hedge operations. The Company also documents, both at hedge inception
and on an ongoing basis that the hedge is expected to continue to be highly effective. The Company has elected to adopt the new general
hedge accounting model in IFRS 9/CPC 48 and designates certain derivatives as either:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Cash
flow hedge - <FONT STYLE="font-weight: normal">The effective portion of changes in the fair value of derivatives that are designated and
qualify as cash flow hedges is recognized in equity within &quot;Unrealized fair value gain (losses)&quot;. The gain or loss relating
to the ineffective portion is recognized immediately in the income statement. When a hedging instrument expires or is sold, or when a
hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity
and is recognized in profit or loss when the transaction is recognized in the income statement.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Net
investment hedge - <FONT STYLE="font-weight: normal">Hedges of net investments in foreign operations are accounted for similarly to cash
flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized in equity within
 &quot;Cumulative translation adjustments&quot;. The gain or loss relating to the ineffective portion is recognized immediately in the
income statement. Gains and losses accumulated in equity are included in the statement of income when the foreign operation is partially
or fully disposed of or sold.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">Derivatives
at fair value through profit or loss - <FONT STYLE="font-weight: normal">Certain derivative instruments do not qualify for hedge accounting.
Changes in the fair value of any of these derivative instruments are recognized immediately in the income statement.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A">&nbsp;</P>

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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>Critical
accounting estimates and judgments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The
fair values of financial instruments that are not traded in active markets are determined using valuation techniques. Vale uses its own
judgment to choose between the various methods. Assumptions are based on the market conditions, at the end of the year. An analysis of
the impact if actual results are different from management's estimates is present under &ldquo;Sensitivity analysis of derivative financial
instruments&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><A NAME="va_029"></A>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
assets and liabilities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company classifies its financial instruments in accordance with the purpose for which they were acquired, and determines the classification
and initial recognition according to the following categories:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="30" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Consolidated</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>December
    31, 2021</B></FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>December
    31, 2020</B></FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Financial
    assets</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Amortized<BR>

    cost</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">At
    fair value<BR>
 through OCI</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>At
                                            fair value<BR>
 through </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>profit
                                            or loss</B></FONT></P></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Amortized<BR>

    cost</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">At
    fair value<BR>
 through OCI</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>At
                                            fair value<BR>
 through </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>profit
                                            or<BR>
 loss</B></FONT></P></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cash
    and cash equivalents (note 23)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">65,409</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">65,409</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">70,086</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">70,086</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Short-term
    investments (note 23)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,028</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,028</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,006</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,006</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivative
    financial instruments (note 20)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">619</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">619</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">698</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">698</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Accounts
    receivable (note 10)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,921</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,919</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21,840</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">23,377</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,567</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">25,944</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Loans - <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Related
    parties (note 31) (i)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,009</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,009</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">69,330</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,566</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">88,896</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">94,472</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,271</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">101,743</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Non-current</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Judicial
    deposits (note 28)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,808</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,808</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,591</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,591</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Restricted
    cash</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">653</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">653</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">197</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">197</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivative
    financial instruments (note 20)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">110</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">110</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">347</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">347</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investments
    in equity securities (note 14a)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,936</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,936</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Loans - <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Related
    parties (note 31) (i)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; color: Black; text-align: right">-</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; color: Black; text-align: right">-</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; color: Black; text-align: right">-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"></FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,791</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,791</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,461</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">110</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,604</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,579</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,936</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">347</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,862</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    of financial assets</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">76,791</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,676</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">96,500</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">106,051</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,936</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,618</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">117,605</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Financial
    liabilities</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Suppliers
    and contractors (note 11)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,393</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,393</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,496</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,496</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivative
    financial instruments (note 20)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,355</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,355</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,712</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,712</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Loans,
    borrowings and leases (note 23)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,720</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,720</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,901</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,901</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dividends
    payable</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,342</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,342</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Liabilities
    related to the concession grant (note 14b)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,241</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,241</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,088</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,088</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">Loans - Related parties (note 31) (i)</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right">2,537</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right">2,537</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial liabilities - <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Related
    parties (note 31)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,192</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,192</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,222</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,222</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Contract liability</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,158</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,158</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,347</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,347</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">35,704</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,355</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">37,059</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">37,933</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,712</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">39,645</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Non-current</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivative
    financial instruments (note 20)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,301</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,301</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,578</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,578</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Loans,
    borrowings and leases (note 23)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">70,189</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">70,189</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">72,187</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">72,187</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left">Loans - <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Related
    parties (note 31) (i)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,655</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,655</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Participative
    stockholders' debentures (note 22)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,078</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,078</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,737</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,737</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Liabilities
    related to the concession grant (note 14b)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,017</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,017</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,928</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,928</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Financial
    guarantees (notes 15c and 23e)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,026</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,026</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,558</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,558</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">78,206</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">25,405</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">103,611</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">87,770</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">25,873</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">113,643</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    of financial liabilities</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">113,910</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">26,760</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">140,670</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">125,703</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">27,585</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">153,288</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i) Presented in note 31 as &ldquo;Discontiued operations - Coal&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="30" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; color: Black"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><B>December 31, 2021</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; color: Black"><B>&nbsp;</B></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center"><B>December 31, 2020</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black">Financial assets</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Amortized cost</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">At fair value through OCI</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="color: Black"><B>At fair value through </B></FONT> <FONT STYLE="color: Black"><B>profit or loss</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Amortized cost</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">At fair value through OCI</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="color: Black"><B>At fair value through </B></FONT> <FONT STYLE="color: Black"><B>profit or loss</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Current</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; color: Black; text-align: left">Cash and cash equivalents (note 23)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">34,266</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">34,266</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">14,609</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">14,609</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Short-term investments (note 23)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">906</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">906</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,811</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,811</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments (note 20)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">410</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">410</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Accounts receivable (note 10)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46,560</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,352</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">47,912</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46,559</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46,559</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">80,826</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,668</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">83,494</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">61,168</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,848</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">63,016</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Non-current</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Judicial deposits (note 28)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,543</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,543</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,265</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,265</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Restricted cash</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">358</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">-</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">358</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">20</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">20</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments (note 20)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">338</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">338</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Investments in equity securities (note 14a)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,438</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,438</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial assets</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">43</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">43</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">42</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">42</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,944</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,023</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,327</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,438</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">338</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,103</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Total of financial assets</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">87,770</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,714</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">90,517</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">67,495</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,438</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,186</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">73,119</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial liabilities</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Current</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Suppliers and contractors (note 11)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,603</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,603</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,601</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,601</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments (note 20)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">879</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">879</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,166</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,166</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Loans, borrowings and leases (note 23)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,415</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,415</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,804</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,804</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Dividends payable</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,342</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,342</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Liabilities related to the concession grant (note 14b)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,241</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,241</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,088</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,088</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Loans - Related parties (note 31)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,574</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,574</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,207</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,207</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other financial liabilities - Related parties
    (note 31)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,235</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,235</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,277</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,277</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Contract liability</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25,093</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">879</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25,972</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25,328</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,166</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,494</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Non-current</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments (note 20)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,042</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,042</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,076</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,076</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Loans, borrowings and leases (note 23)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,520</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,520</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,646</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,646</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Loans - Related parties (note 31)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">81,551</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">81,551</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">88,908</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">88,908</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Participative stockholders' debentures (note 22)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,078</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,078</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,737</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,737</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Liabilities related to the concession grant (note 14b)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,017</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,017</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,928</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,928</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial guarantees (notes 15c and 23e)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,026</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,026</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,558</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,558</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">106,088</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25,146</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">131,234</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121,482</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25,371</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">146,853</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Total of financial liabilities</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">131,181</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,025</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">157,206</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">146,810</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,537</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">173,347</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">b)
Hierarchy of fair value</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; color: Black"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; color: Black"><B>&nbsp;</B></TD>
    <TD COLSPAN="30" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; color: Black"><B>Consolidated</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><B>&nbsp;</B></TD><TD STYLE="text-align: center; font-size: 10pt; color: Black"><B>&nbsp;</B></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; color: Black"><B>December 31, 2021</B></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><B>December
    31, 2020</B></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Level 1</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Level 2</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Level 3</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Level 1</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Level 2</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Level 3</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial assets</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; color: Black; text-align: left">Short-term investments (note 23)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">1,028</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">1,028</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">4,006</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">4,006</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments (note 20)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">659</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">729</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">950</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">95</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,045</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Accounts receivable (note 10)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,919</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,919</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,567</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,567</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Investments in equity securities (note 14a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,936</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,936</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,061</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">18,578</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,709</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,942</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,517</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">95</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,554</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial liabilities</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments (note 20)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,656</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,656</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,190</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,290</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Participative stockholders' debentures (note 22)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,078</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,078</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,737</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,737</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial guarantees (notes 15c and 23e)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,558</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,558</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,760</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,760</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">27,485</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">100</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">27,585</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>




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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
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    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><B>&nbsp;</B></TD>
    <TD COLSPAN="30" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; color: Black"><B>Parent Company</B>
    </TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Level 1</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Level 2</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Level 3</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Level 1</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Level 2</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Level 3</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial assets</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; color: Black; text-align: left">Short-term investments</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">906</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">906</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">1,811</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right">1,811</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">386</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">456</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">280</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">95</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">375</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Accounts receivable (note 10)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,352</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,352</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Investments in equity securities</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,438</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,438</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Total</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">939</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,738</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,747</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,249</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">280</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">95</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,624</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial liabilities</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,921</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,921</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,142</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">100</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,242</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Participative stockholders' debentures</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,078</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,078</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,737</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,737</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Financial guarantees</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,026</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,026</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,558</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,558</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Total</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,025</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,025</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,437</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">100</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">26,537</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">There were no transfers
between levels 1, 2 and 3 of the fair value hierarchy during the years presented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>b.i)
Changes in Level 3 assets and liabilities during the year</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><P>Parent Company</P>
</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Derivative financial instruments</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Financial assets</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Financial<BR>
 liabilities</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Financial assets</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Financial<BR>
 liabilities</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 48%; color: Black">Balance at December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">95</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">100</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">95</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">100</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Gain and losses recognized in income statement</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Balance at December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #007E7A; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">c)
Fair value of loans and borrowings</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">Loans
and borrowings are recorded at their contractual values. To determine the market values of these financial instruments traded in public
markets, the closing market quotations on the balance sheet dates were used. The Company considers that for the other financial liabilities
measured at amortized cost, their book values are close to their fair values and therefore information on their fair values is not being
presented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Quoted in the secondary market:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: italic 10pt Times New Roman, Times, Serif; width: 48%; color: Black">Bonds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">41,564</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">51,068</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">38,708</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">52,100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: italic 10pt Times New Roman, Times, Serif; color: Black">Eurobonds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,783</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,118</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: italic 10pt Times New Roman, Times, Serif; color: Black">Debentures</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,160</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,160</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,577</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,578</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Debt contracts in Brazil in:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,975</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,508</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,452</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">R$, with fixed interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Basket of currencies and bonds in US$ indexed to LIBOR</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">61</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">61</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">290</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">291</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Debt contracts in the international market in:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">US$, with variable and fixed interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">20,173</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">18,030</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,759</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,036</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other currencies, with variable interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">486</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">299</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other currencies, with fixed interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">597</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">654</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">616</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">698</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">67,089</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">74,780</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">68,383</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">82,453</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><P>Parent Company</P>
</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Quoted in the secondary market:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: italic 10pt Times New Roman, Times, Serif; width: 48%; color: Black">Bonds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">2,904</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">3,468</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">2,704</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">3,651</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: italic 10pt Times New Roman, Times, Serif; color: Black">Eurobonds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,783</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,118</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: italic 10pt Times New Roman, Times, Serif; color: Black">Debentures</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,159</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,159</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,576</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,576</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Debt contracts in Brazil in:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,976</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,077</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,011</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,972</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">R$, with fixed interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">71</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">155</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">155</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Basket of currencies and bonds in US$ indexed to LIBOR</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">290</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">290</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Debt contracts in the international market in:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">US$, with variable interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,298</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,956</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,276</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,333</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other currencies, with variable interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">489</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">491</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,959</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">18,213</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">22,795</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,095</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;<B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B></B>&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Classification
and measurement -</B> The Company classifies financial instruments based on its business model for managing the assets and the contractual
cash flow characteristics of those assets. The business model test determines the classification based on the business purpose for holding
the asset and whether the contractual cash flows represent only payments of principal and interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Financial instruments
are measured at fair value through profit or loss (&ldquo;FVTPL&rdquo;) unless certain conditions are met that permit measurement at
fair value through other comprehensive income (&ldquo;FVOCI&rdquo;) or amortized cost. Gains and losses recorded in other comprehensive
income for debt instruments are recognized in profit or loss only on disposal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Investments in equity
instruments are measured at FVTPL unless they are eligible to be measured at FVOCI, whose gains and losses are never recycled to profit
or loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">All financial liabilities
are initially measured at fair value, net of transaction costs incurred and are subsequently carried at amortized cost and updated using
the effective interest rate method. Excepts for Participative stockholders&rsquo; debentures and Derivative financial instruments that
are measured at FVTPL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fair value hierarchy</B> - The Company classifies
financial instruments within the fair value hierarchy as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 1: The fair
value of financial instruments traded in active markets (e.g. derivatives and publicly traded shares) is based on quoted market prices
at the end of the financial statements period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Level 2: The fair
value of financial instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation
techniques that maximize the use of observable market data. If all significant data required for the fair value of an instrument are
observable, the instrument is included in level 2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Level 3: If one or
more of the significant data are not based on observable market data, the instrument is included in level 3. The fair value of derivatives
classified as level 3 is estimated using discounted cash flows and option valuation models with unobservable inputs of discount rates,
stock prices and commodity prices.</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B><A NAME="va_030"></A>22.
Participative stockholders&rsquo; debentures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">At the time of its
privatization in 1997, the Company issued a total of 388,559,056 debentures to then-existing stockholders, including the Brazilian Government.
The debentures&rsquo; terms were set to ensure that pre-privatization stockholders would participate in potential future benefits that
might be obtained from exploration of mineral resources. This obligation related to the debentures will cease when all the relevant mineral
resources are exhausted, sold or otherwise disposed of by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Holders of
participative stockholders&rsquo; debentures have the right to receive semi-annual payments equal to an agreed percentage of
revenues less value-added tax, transport fee and insurance expenses related to the trading of the products, derived from these
mineral resources. On October 1, 2021, the Company made available for withdrawal as remuneration the amount of R$1,244 (US$225 </FONT>million)
for the first semester of 2021, as disclosed on the &ldquo;Shareholders&rsquo; debentures report&rdquo; made available on the
Company&rsquo;s website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">To calculate the
fair value of the liability, the Company uses the weighted average price of trades in the secondary market for the last month of the
quarter. The average price increased from R$45.65 per debenture for the year ended December 31, 2020, to R$49.10 per debenture for
the year ended December 30, 2021, resulting in an expense of R$3,691 (US$716 million) recorded in the income statement for year
ended December 31, 2021. As at December 31, 2021, the liability was R$19,078 (US$3,419 million) (R$17,737 (US$3,413 million) as at
December 31, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The participative
stockholders&rsquo; debentures are measured at fair value through profit or loss based on the market approach, representing the amount
that would be paid for the acquisition of these securities on the measurement date and, therefore, also implicitly includes the remuneration
to the debenture holder. To calculate the fair value of the liabilities, the Company uses the weighted average price of the secondary
market trades in the last month of the quarter.&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black">&nbsp;</FONT></P>




<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #007E7A"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #007E7A"><FONT STYLE="color: Black"><B></B>&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><A NAME="va_031"></A>23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans,
borrowings, leases, cash and cash equivalents and short-term investments</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net debt</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company evaluates the net debt with the objective of ensuring the continuity of its business in the long term.</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Debt contracts</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">67,967</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">69,426</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; padding-left: 2pt">Leases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">8,942</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">8,662</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Total of loans, borrowings and leases</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">76,909</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">78,088</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">(-) Cash and cash equivalents</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">65,409</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">70,086</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; padding-left: 2pt">(-) Short-term investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,028</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4,006</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; padding-left: 2pt">Net debt</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">10,472</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,996</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">b)&nbsp;&nbsp;&nbsp;
Cash and cash equivalents</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Cash and cash
equivalents include cash, immediately redeemable deposits and short-term investments with an insignificant risk of change in value.
They are readily convertible to cash, being R$37,468 (US$6,714 million) (R$14,805 (US$2,849 million) in 2020) denominated in R$,
indexed to the CDI, R$26,613 (US$4,769 million) (R$52,979 (US$10,195 million) in 2020) denominated in US$ and R$1,328 (US$238 million) (R$2,302 (US$443 million) in
2020) denominated in other currencies at the year ended of December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">c)&nbsp;&nbsp;&nbsp;&nbsp;
Short-term investments</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">As at December
31, 2021, the balance of R$1,028 (US$184 million) (R$4,006 (US$771 million) as at December 31, 2020) substantially comprises
investments in exclusive investment fund immediately liquidity, whose portfolio is composed of committed transactions and Financial
Treasury Bills (&ldquo;LFTs&rdquo;), which are floating-rate securities issued by the Brazilian government.</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">d)
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, borrowings and leases</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">i)
Total debt</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>Current liabilities</B></FONT></TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>Non-current liabilities</B></FONT></TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>Average interest rate (i)</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>December 31, 2021</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>December 31, 2020</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>December 31, 2021</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>December 31, 2020</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Quoted in the secondary market:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: italic 10pt Times New Roman, Times, Serif; width: 35%; color: black">Bonds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">6.01</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">41,564</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">38,709</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: italic 10pt Times New Roman, Times, Serif; color: black">Eurobonds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4.29</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4,783</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: italic 10pt Times New Roman, Times, Serif; color: black; text-align: left">R$, Debentures (ii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">10.48</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,038</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">555</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,122</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Debt contracts in Brazil in (iii):</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">9.29</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">530</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,662</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,445</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,808</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">R$, with fixed interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2.86</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">107</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Basket of currencies and bonds in US$ indexed to LIBOR</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2.32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">61</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">232</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">58</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Debt contracts in the international market in:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">US$, with variable and fixed interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2.24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,673</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">942</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">17,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">15,817</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Other currencies, with variable interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4.10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">430</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">56</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Other currencies, with fixed interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">3.36</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">61</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">530</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">555</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Accrued charges</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">878</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,043</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">Total</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,744</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">4,602</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">62,223</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">64,824</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
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    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><P>Parent Company</P>
</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Current liabilities</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Non-current liabilities</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Average interest rate (i)</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Quoted in the secondary market:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: italic 10pt Times New Roman, Times, Serif; width: 35%; color: Black">Bonds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">6.01</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">2,904</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">2,704</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: italic 10pt Times New Roman, Times, Serif; color: Black">Eurobonds</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,783</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: italic 10pt Times New Roman, Times, Serif; color: Black; text-align: left">R$, Debentures (ii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10.48</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,037</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">555</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,122</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Debt contracts in Brazil in (iii):</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9.29</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">532</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">771</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,444</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,808</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">R$, with fixed interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2.86</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">63</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">71</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Basket of currencies and bonds in US$ indexed to LIBOR</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2.32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">232</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">58</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Debt contracts in the international market in:</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">US$, with variable interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2.24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">698</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">871</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,600</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,405</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Other currencies, with variable interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4.10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">432</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">432</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Accrued charges</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">191</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">369</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Total</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,015</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,314</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,135</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,850</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">(i) In order to determine the average interest
rate for debt contracts with floating rates, the Company used the rate applicable at December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(ii) The Company has
debentures in Brazil with BNDES raised for the Company's infrastructure investment projects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(iii) The Company
entered into derivatives to mitigate the exposure to cash flow variations of all floating rate debt contracted in Brazil, resulting in
an average cost of 2.93% per year in US$.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Future
flows of debt payments, principal and interest</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Consolidated</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><P>Parent Company</P>
</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Principal</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black"><B>Estimated <BR>
future </B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: Black"><B>interest<BR>
 payments (i)</B></FONT></P></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Principal</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 61%; color: Black; text-align: justify">2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">4,866</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">2,824</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,612</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,270</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,067</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,185</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">53</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">736</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">811</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,125</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">457</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: justify">Between 2026 and 2030</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13,698</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,898</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,035</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; color: Black">2031 onwards</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">34,917</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,719</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,840</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; color: Black">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">67,089</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">35,132</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,959</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">(i)
Based on interest rate curves and foreign exchange rates applicable as at December 31, 2021 and considering that the payments of principal
will be made on their contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already
recognized in the financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Covenants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Some of the Company&rsquo;s
debt agreements with lenders contain financial covenants. The primary financial covenants in those agreements require maintaining certain
ratios, such as debt to EBITDA (as defined in note 4a) and interest coverage. The Company did not identify any instances of noncompliance
as at December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Reconciliation
of debt to cash flows arising from financing activities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Quoted in the<BR>
 secondary<BR>
 market</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Debt contracts<BR>
 in Brazil</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Debt contracts<BR>
 on the<BR>
 international<BR>
 market</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Total</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 48%; color: black">December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">47,010</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">4,980</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">17,436</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">69,426</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Additions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,165</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,165</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Repayments (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(5,944</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,792</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(10,759</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Interest paid (ii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,791</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(723</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(306</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(3,820</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Cash flow from financing activities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(8,735</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2,746</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,067</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(9,414</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Effect of exchange rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,684</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(772</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,564</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4,476</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Interest accretion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,542</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">658</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">279</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,479</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Non-cash changes</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">6,226</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(114</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,843</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">7,955</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">44,501</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,120</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">21,346</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">67,967</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70%; text-align: left"><B>Notes
    to the Financial Statements <BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expressed in millions of Brazilian reais, unless otherwise
    stated</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><IMG SRC="tm225945d2_6ksp14img001.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><P>Parent Company</P>
</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Quoted
    in the<BR>
 secondary<BR>
    market</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Debt
    contracts<BR>
 in Brazil</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Debt
    contracts <BR>
on the<BR>
    international<BR>
 market</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 48%; color: Black">December 31, 2020</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,396</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,471</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,297</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23,164</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Additions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,226</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,226</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Repayments (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,772</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,997</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,282</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(9,051</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Interest paid (ii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(740</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(364</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(142</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,246</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Cash flow from financing activities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,512</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,361</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,802</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,071</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Effect of exchange rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">669</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(297</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">617</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">989</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Interest accretion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">629</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">310</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,060</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Non-cash changes</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,298</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">13</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">738</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,049</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,182</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,123</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,837</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">18,142</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-weight: normal; color: Black">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; color: Black">Includes
                                            expenses with redemption of bonds in the amount of R$354 (US$63 million).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-weight: normal; color: Black">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal; color: Black">Classified
                                            as cash flow due to operational activities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Funding
and repayments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In January 2021, the
Company contracted a credit facility indexed to Libor, in the amount of R$1,633 (US$300 million) with maturity date of 2035, with the
New Development Bank (&ldquo;NDB&rdquo;, the BRICS bank) for investments in expanding the logistics capacity of the Northern Corridor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In October and December
2021, the Company contracted credit facilities indexed to Libor in the amounts of R$1,953 (US$350 million) e R$1,563 (US$280 million),
with maturities in 2027 and 2032, with a commercial bank and a Japanese development bank, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In March 2021,
the Company redeemed all of its 3.75% bonds due in January 2023, in the total amount of R$4,946 (EUR750 million), and for it paid a
premium of R$354 (US$63 million), which was recorded as &ldquo;Expenses with cash tender offer redemption&rdquo; in the financial result for the
year ended December 31, 2021. The payments of principal and interest of other instruments were made in accordance with the
conditions defined in the terms of each contracted debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">ii)
Lease liabilities</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Consolidated</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December
    31,<BR>
    2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Additions
    and<BR>
    contract<BR>
    modifications<BR>
    (i)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Payments
    (ii)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Interest
    (iii)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Transfer
    to<BR>
    liabilities held<BR>
 for sale</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Translation<BR>
    adjustment</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December
    31,<BR>
    2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black">Ports</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,860</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">170</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(411</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">151</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">212</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,982</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Vessels</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,770</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(351</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">112</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">200</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,731</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Pelletizing plants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">708</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">723</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(215</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">37</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,253</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Properties</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">738</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(155</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(64</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">577</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Energy plants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">322</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(33</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">328</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Mining equipment and locomotives</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">264</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">341</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(59</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">11</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(498</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">71</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">8,662</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,276</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,224</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">365</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">(508</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">371</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">8,942</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) Additions and
contract modifications includes the effect of R$167 (US$53 million) due to Nacala Logistic Corridor acquisition (note
16).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(ii) The total
amount of the variable lease payments not included in the measurement of lease liabilities, which have been recognized straight to
the income statement, for the year ended December 31, 2021, 2020 and 2019 was R$2,119 (US$395 million), R$335 (US$63 million) and
R$2,187 (US$560 million), respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(iii) The
interest accretion recognized in the income statement is disclosed in note 6. Includes the amount of R$27 (US$5 million) related to
coal operations, whose impact is recorded in the financial results of discontinued operations (note 16).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70%; text-align: left"><B>Notes
    to the Financial Statements <BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expressed in millions of Brazilian reais, unless otherwise
    stated</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><IMG SRC="tm225945d2_6ksp14img001.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Discount rates</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discount
    rate</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ports</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 6%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 4%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pelletizing plants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 5%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Properties</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 7%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Energy plants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4% to 5%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mining equipment</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3% to 7%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Annual
minimum payments and remaining lease term</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The following table
presents the undiscounted lease obligation by maturity date. The lease liability recognized in the balance sheet is measured at the present
value of such obligations.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2022</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2025</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2026
    onwards</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Avarage<BR>
    remaining term<BR>
    (years)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black">Ports</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">368</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">353</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">349</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">346</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,139</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,555</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">4
                                            to 21</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Vessels</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">355</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">345</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">337</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">328</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,929</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,294</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3
                                            to 11</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Pelletizing plants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">268</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">230</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">217</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">217</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">611</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,543</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2
                                            to 11</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Properties</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">198</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">112</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">98</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">53</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">164</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">625</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2
                                            to 9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Energy plants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">35</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">311</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">447</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Mining equipment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">32</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">78</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2
                                            to 6</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,245</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,087</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,041</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">983</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,186</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,542</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>e)
Guarantees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">As at December
31, 2021 and 2020, loans and borrowings are secured by property, plant and equipment in the amount of R$458 (US$82 million) and
R$915 (US$176 million), respectively. The securities issued through Vale&rsquo;s wholly owned finance subsidiary Vale Overseas
Limited are fully and unconditionally guaranteed by Vale.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Accounting policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Loans and borrowings
are initially measured at fair value, net of transaction costs incurred and are subsequently carried at amortized cost and updated using
the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized
in the Income statement over the period of the loan, using the effective interest rate method. The fees paid in obtaining the loan are
recognized as transaction costs. The Company contracts derivatives to protect its exposure to changes in debt cash flows, changing the
average cost of debts that have hedge derivatives contracted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Loans and borrowing
costs are capitalized as part of property, plants and equipment if those costs are directly related to a qualified asset. The capitalization
occurs until the qualified asset is ready for its intended use. In 2021, 9% of total interest incurred was capitalized (note 6). Borrowing costs
that are not capitalized are recognized in the income statement in the period in which they are incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting policy applied to lease liabilities
is disclosed in note 18.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70%; text-align: left"><B>Notes
    to the Financial Statements <BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expressed in millions of Brazilian reais, unless otherwise
    stated</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><IMG SRC="tm225945d2_6ksp14img001.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B><A NAME="va_032"></A>24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brumadinho
                                            dam failure</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">On January 25, 2019,
a tailings dam (&ldquo;Dam I&rdquo;) failed at the C&oacute;rrego do Feij&atilde;o mine, in the city of Brumadinho, state of Minas Gerais.
The failure released a flow of tailings debris, destroying some of Vale&rsquo;s facilities, affecting local communities and disturbing
the environment. The tailings released have caused an impact of around 315 km in extension, reaching the nearby Paraopeba River. The
dam failure in Brumadinho (&ldquo;event&rdquo;) resulted in 270 fatalities or presumed fatalities, including 6 victims still missing,
and caused extensive property and environmental damage in the region.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As
                                            a result of the dam failure, the Company has been recognizing provisions to meet its assumed
                                            obligations, including indemnification to those affected by the event, remediation of the
                                            affected areas and compensation to the society, as shown below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December
    31, 2020</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Operating</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>expense</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Present
    value<BR>
    adjustment</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Disbursements
    (ii)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December
    31, 2021</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global Settlement for Brumadinho</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,726</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,798</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,870</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,654</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual indemnification and other commitments</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,048</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,140</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(93</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,012</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,083</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incurred expenses (iii)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,492</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,492</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23,774</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4,632</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,705</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(10,374</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19,737</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) In 2021, the effect of the present value
adjustment on Global Settlement provision resulted in a reduction of R$940 (US$170 million) due to the increase in the discount rate
from 5.92% to 8.08% (2020: R$43 (US$5 million)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) Disbursement is presented net of the judicial
deposits utilization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii) The Company has incurred expenses,
which have been recognized straight to the income statement, in relation to communication services, accommodation and humanitarian
assistance, equipment, legal services, water, food aid, taxes, among others. In 2020, the Company incurred expenses in the amount of
R$2,586 (US$510 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>a)
Global Settlement for Brumadinho</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">On February 4, 2021,
the Company entered into a Judicial Settlement for Integral Reparation (&ldquo;Global Settlement&rdquo;), which was under negotiations
since 2019, with the State of Minas Gerais, the Public Defender of the State of Minas Gerais and the Federal and the State of Minas Gerais
Public Prosecutors Offices, to repair the environmental and social damage resulting from the Dam I rupture. The Global Settlement was
ratified by the Minas Gerais State Court on February 4, 2021, and the res judicata was drawn up on April 7, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">With the Global Settlement,
the requests contained in public civil actions regarding the socio-environmental and socioeconomic damages caused by the dam rupture
were substantially resolved. In addition, relevant aspects related to the scope and execution of the Company's obligations were defined.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The provision is
discounted at presented value using an observable rate that reflects the current market assessments of the time value of money and
the risks specific to the liability at the reporting date. In this year, the provisions were updated mainly by the consumer price
index (&ldquo;IPCA&rdquo;), as required by the Global Agreement, resulting in an impact of R$1,798 (US$340 million), recorded under financial
results in the income statement for year ended December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; font-weight: bold; text-align: center">Consolidated</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">December
    31, 2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">December
    31, 2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Payment obligations</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,964</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,172</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Provision for socio-economic reparation and
    others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,757</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,468</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Provision for social and
    environmental reparation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,933</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,086</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,654</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">20,726</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">December
    31, 2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid">December
    31, 2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Current liabilities</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,925</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,110</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Non-current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,729</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12,616</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,654</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">20,726</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(a.i) Cash settlement
obligation</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The cash
settlement obligation relates to the socio-economic reparation and socio-environmental compensation projects that will be carried
out or managed directly by the State of Minas Gerais and Institutions of Justice, mainly aiming to develop the urban mobility
program and strengthening public service programs, as well as other projects that will be proposed by the affected population. In
addition, resources will be used in a program of income transfer to those affected by the event, which will be carried out by
Institutions of Justice. In October 2021, the Company paid in full the income transfer program in the amount of R$4,383 (US$777
million). The remaining amount of R$7,964 (US$1,427 million) represents the present value for the fixed semiannual payments
obligation, which will last 5 years on average.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70%; text-align: left"><B>Notes
    to the Financial Statements <BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expressed in millions of Brazilian reais, unless otherwise
    stated</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><IMG SRC="tm225945d2_6ksp14img001.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>(a.ii) Provision for socio-economic reparation
and others</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Global Settlement
includes remediation projects for Brumadinho and other affected municipalities of the Paraopeba Basin. The socioeconomic reparation actions
aim to strengthen the productive activities of the affected region, through measures for greater economic diversification of the municipality
of Brumadinho, reducing its historical dependence on mining, and, for the rest of the Basin, finding ways to support the transformation
of the economy of the impacted municipalities. These projects will be carried out directly by the Company for an average period of 5
years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated amounts for the project execution,
although set in the agreement, may vary since the implementation of those projects are Vale's responsibility and changes against the
original budget may result in changes in provision in future reporting periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>(a.iii) Provision for social and environmental
reparation</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Global Settlement
establishes the rule for the development of the environmental reparation plan, and projects for the compensation of environmental damage
already known. These measures aim to repair the damage caused, restore the ecosystems disruption, restore local infrastructure, repair
social and economic losses, recover affected areas and repair the loss of memory and cultural heritage caused by the dam rupture. It
also includes several actions to clean up the affected areas and improvements to the water catchment system along the Paraopeba River
and other water collection points near the affected area. These measures and compensation projects will be carried out directly by the
Company for an average period of 5 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated amount to carry out the environmental
recovery actions is part of the Global Settlement. However, it has no cap due to the Company's legal obligation to fully repair the environmental
damage caused by the dam rupture. Therefore, although Vale monitors this provision, the amount recorded may change depending on several
factors that are not under the sole control of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>b)
Provision for individual indemnification and other commitments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company is
also working to ensure geotechnical safety of the remaining structures at the C&oacute;rrego do Feij&atilde;o mine, in Brumadinho,
and the removal and proper disposal of the tailings of Dam I, including dredging part of the released material and de-sanding from
the channel of the river Paraopeba. As at December 31, 2021, the provision recorded is R$1,772 (US$317 million) (2020: R$1,387
(US$267 million)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">For the individual
indemnification, Vale and the Public Defendants of the State of Minas Gerais formalized an agreement on April 5, 2019, under which those
affected by the Brumadinho&rsquo;s Dam failure may join an individual or family group out-of-Court settlement agreements for the indemnification
of material, economic and moral damages. This agreement establishes the basis for a wide range of indemnification payments, which were
defined according to the best practices and case law of Brazilian Courts, following rules and principles of the United Nations (&ldquo;UN&rdquo;).
As at December 31, 2021, the provision recorded is R$640 (US$115 million) (2020: R$930 (US$179 million)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>c)
Contingencies and other legal matters</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(c.i) Public
civil actions brought by the State of Minas Gerais and state public prosecutors for damages resulting from the rupture of Dam I</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company is party
to public civil actions brought by the State of Minas Gerais and justice institutions, claiming compensation for socioeconomic and socio-environmental
damages resulting from the dam failure and seeking a broad range of preliminary injunctions ordering Vale to take specific remediation
and reparation actions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">As a result of the
Global Settlement, the requests for the reparation of socio-environmental and socioeconomic damages caused by the dam rupture were substantially
resolved. Indemnifications for individual damages was excluded from the Global Settlement, and the parties ratified the agreement with
the Public Defendants of the State of Minas Gerais. Thus, the Company is continuing to enter into individual agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(c.ii) Collective
Labor Civil Action</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In 2021, public
civil actions were filed in the Betim Labor Court in the state of Minas Gerais, by a workers' union claiming the payment of
compensation for death damages to own and outsourced employees, who died as a result of the rupture of Dam I. An initial sentence
was published condemning Vale to pay R$1 (US$180 thousand) per fatal victim. Vale is defending itself on the lawsuits and
understands that the likelihood of loss is possible.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(c.iii) U.S.
Securities putative class action suit</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Vale is defending
itself in a putative class action brought before a Federal Court in New York and filed by holders of securities - American Depositary
Receipts (&quot;ADRs&quot;) - issued by Vale. The Lead Plaintiff alleges that Vale made false and misleading statements or omitted to
make disclosures concerning the risks of the operations of Dam I in the C&oacute;rrego de Feij&atilde;o mine and the adequacy of the
related programs and procedures. Following the decision of the Court, in May 2020, that denied the Motion to Dismiss presented by the
Company, the Discovery phase has started and is expected to be concluded in 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">On November 24, 2021,
a new Complaint was filed before the same Court by eight Plaintiffs, all investment funds, as an &ldquo;opt-out&rdquo; litigation from
the putative class action already pending in the Eastern District of New York court, asserting virtually the same claims against the
same defendants as those in the putative class case.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Based on the evaluation
of the Company's legal counsel and given the very preliminary stage, the expectation of loss of these processes is classified as possible.
However, considering the initial stage of this putative class action, it is not possible at this time to reliably estimate the amount
of a potential loss. The Plaintiff did not specify the amounts alleged in this demand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70%; text-align: left"><B>Notes
    to the Financial Statements <BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expressed in millions of Brazilian reais, unless otherwise
    stated</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><IMG SRC="tm225945d2_6ksp14img001.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><I><U>(c.iv)
Arbitration proceedings in Brazil filed by minority stockholders and a class association</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
Brazil, Vale is a defendant in (i) one arbitration filed by 385 minority stockholders, (ii) two arbitrations filed by a class association
allegedly representing all Vale&rsquo;s minority stockholders, and (iii) three arbitrations filed by foreign investment funds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
the six proceedings, the Claimants argue Vale was aware of the risks associated with the dam, and failed to disclose it to the stockholders,
which would be required under the Brazilian applicable laws and the rules of <I>Comiss&atilde;o de Valores Mobili&aacute;rios</I> (Securities
and Exchange Commission in Brazil). Based on such argument, they claim compensation for losses caused by the decrease of the value of
the shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Based
on the assessment of the Company's legal advisors, the expectation of loss is classified as possible for the six procedures and, considering
the initial phase, it is not possible at this time to reliably estimate the amount of a possible loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
one of the proceedings filed by foreign funds, the Claimants initially estimated the amount of the alleged losses would be
approximately R$1,800 (US$323 million). In another proceeding recently filed by foreign funds, the Claimants initially estimated the
amount of the alleged losses would be approximately R$3,900 (US$700 million). The Company disagrees with the ongoing proceedings and understands
that, in this case and at the current stage of the proceedings, the probability of loss in the amount claimed by the foreign funds
is remote.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(c.v) Investigations
conducted by CVM and the Securities and Exchange Commission (&ldquo;SEC&rdquo;)</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Vale has been notified
that the SEC staff has made a preliminary determination to recommend that the SEC commence proceedings against Vale alleging violations
of U.S. securities laws related to Vale&rsquo;s disclosures about its dam safety management and the dam at Brumadinho. If the SEC authorizes
an action against Vale, the SEC could seek an injunction against future violations of U.S. federal securities laws, the imposition of
civil monetary penalties, disgorgement and other relief within the SEC&rsquo;s authority in a lawsuit filed in a federal court. The CVM
is also conducting investigations relating to Vale's disclosure of relevant information to shareholders, investors and the market in
general, especially regarding the conditions and management of Vale's dams. At this time, it is not yet possible to estimate the value
or a range of potential loss to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(c.vi) Criminal
proceedings and investigations</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In January 2020, the
State Prosecutors of Minas Gerais (&ldquo;MPMG&rdquo;) filed criminal charges against 16 individuals (including former executive officers
of Vale and former employees) for a number of potential crimes, including homicide, and against Vale S.A. for alleged environmental crimes.
Vale is defending itself against the criminal claims and is still no possible to estimate when a decision on this criminal proceeding
will be issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70%; text-align: left"><B>Notes
    to the Financial Statements <BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expressed in millions of Brazilian reais, unless otherwise
    stated</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><IMG SRC="tm225945d2_6ksp14img001.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>d)
Insurance</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company is negotiating
with insurers the payment of indemnification under its civil liability and Directors and Officers Liability Insurance. However, these
negotiations are still in progress, therefore any payment of insurance proceeds will depend on the coverage definitions under these policies
and assessment of the amount of loss. Due to uncertainties, no indemnification related to these insurers was recognized in these financial
statements. The adjustment of the claim of Brumadinho in the Operational Risk policy was concluded and the Company received a compensation
in the amount of R$108 (US$19 million) for the year ended December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Critical
accounting estimates and judgments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The provision for
social, economic and environmental reparation may be affected by factors including, but not limited to: (i) changes in the current estimated
market price of the direct and indirect cost related to products and services, (ii) changes in timing for cash outflows, (iii) changes
in the technology considered in measuring the provision, (iv) number of individuals entitled to the indemnification payments, (v) resolution
of existing and potential legal claims, (vi) demographic assumptions, (vii) actuarial assumptions, and (viii) updates in the discount
rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Thus, the amounts
actually incurred by the Company may differ from the amounts currently provisioned, due to the confirmation of the assumptions used and
which depend on several factors, some of which are not under the Company's control. These changes could result in a material impact on
the amount of the provision in future periods. At each presentation date of its financial statements, the Company will reassess the main
assumptions used in the preparation of projected cash flows and will adjust the provision, when applicable.</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007A7E"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B><A NAME="va_033"></A>25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities
related to associates and <I>joint ventures</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black; background-color: white"><B>a)
Rupture of Samarco dam</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007A7E"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In November 2015,
the Fund&atilde;o tailings dam owned by Samarco Minera&ccedil;&atilde;o S.A. (Samarco) failed, releasing tailings downstream, flooding
certain communities and causing impacts on communities and the environment along the Doce river. The rupture resulted in 19 fatalities
and caused property and environmental damage to the affected areas. Samarco is a joint venture equally owned by Vale S.A. and BHP Billiton
Brasil Ltda. (&lsquo;&lsquo;BHPB&rsquo;&rsquo;).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%; color: Black"><B>Notes
    to the Financial Statements<BR> Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
    <TD STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; text-align: center; width: 20%"><IMG SRC="tm225945d2_6kimage1.jpg" ALT=""></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT>In June
2016, Samarco, Vale and BHPB created the Funda&ccedil;&atilde;o Renova, a not-for-profit private foundation, to develop and implement
(i) social and economic remediation and compensation programs and (ii) environmental remediation and compensation programs in the region
affected by the dam rupture. The creation of Funda&ccedil;&atilde;o Renova was provided for under the agreement for settlement and conduct
adjustment (the &lsquo;&lsquo;Framework Agreement&rsquo;&rsquo;) signed in March 2016 by Vale, BHPB, Samarco, the Brazilian federal government,
the two Brazilian states affected by the rupture (Minas Gerais and Esp&iacute;rito Santo) and other governmental authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In June 2018, Samarco,
Vale and BHPB entered into a comprehensive agreement with the offices of the federal and state (Minas Gerais and Esp&iacute;rito Santo)
prosecutors, public defenders and attorney general, among other parties (&ldquo;TacGov Agreement&rdquo;), improving the governance mechanism
of Funda&ccedil;&atilde;o Renova and establishing, among other things, a process for potential revisions to the remediation programs
provided under the Framework Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>Judicial
recovery of Samarco</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Under the Framework
Agreement, the TacGov Agreement and Renova&rsquo;s bylaws, Funda&ccedil;&atilde;o Renova must be funded by Samarco, but to the extent
that Samarco is unable to fund, Vale and BHPB must ratably bear the funding requirements Under the Framework Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In April 2021, Samarco
announced the request for Judicial Reorganization (&ldquo;RJ&rdquo;) that was filed with the Minas Gerais Court to renegotiate its debt,
which is held by bondholders abroad. The purpose of RJ is to restructure Samarco&rsquo;s debts and establish an independent and sustainable
financial position, allowing Samarco to keep working to resume its operations safely and to fulfill its obligations related to the Funda&ccedil;&atilde;o
Renova.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The RJ does not
affect Samarco&rsquo;s obligation to remediate and compensate the impacts of the Fund&atilde;o tailings dam failure. However, as
Samarco began the gradual resumption of operations in December 2020, it is not yet possible to reliably estimate when Samarco will
generate cash to comply with its assumed obligation in the Framework Agreement. Thus, the liability recorded by Vale on December 31,
2021 are recognized base on the assumption that Samarco does not have the capacity to generate cash enough to make
all cash contributions to the Funda&ccedil;&atilde;o Renova.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In addition,
ongoing discussions in the context of the RJ may lead to the loss of deductibility of part of the expenses incurred with the
Funda&ccedil;&atilde;o Renova and of the deferred taxes over the total provision, depending on the method determined for
restructuring Samarco's debts. The total amount exposed as at December 31, 2021 is R$8,476 (US$1,519 million), of which R$2,376
(US$426 million) refers to expenses already incurred and considered as part of the Company&rsquo;s uncertain tax positions (note
8).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company works
in the perspective that the mechanisms resulting from the RJ will continue to allow the deductibility of these expenses, however, future
decisions resulting from the negotiations regarding Samarco's capital structure, which are not under Vale's control, could materially
change the value of the deferred tax recognized by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Changes
on the provisions in the year</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 72%; color: Black">Balance at January 1,</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">10,782</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">6,853</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Additional provision</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,260</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,666</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Disbursements</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,169</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,059</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Present value valuation</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(502</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">322</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Balance at December 31,</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,371</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,782</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>December 31, 2020</B></FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Current liabilities</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,964</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,554</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Non-current liabilities</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,407</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,228</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Liabilities</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,371</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10,782</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Funda&ccedil;&atilde;o
Renova</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: Black">New
court decisions on individual indemnities for residents of cities impacted by the Fund&atilde;o dam failure were issued at the end of
the fiscal year, impacting the provision related to Funda&ccedil;&atilde;o Renova, on December 31, 2021. These decisions mainly changed
and expanded the number of types of damage, categories, indemnifiable amounts to the affected municipalities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: Black"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 80%; color: Black"><B>Notes
    to the Financial Statements<BR> Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 3pt; text-align: center; width: 20%"><IMG SRC="tm225945d2_6kimage1.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The addition in the
provision in the amount of R$9,253 (US$1,699 million) was substantially driven by these court decisions. As at December 31, 2021,
the Company has a provision of R$16,245 (US$2,910 million) (R$9,633 (US$1,853 million) as at December 31, 2020) for remediation and
compensation programs, which corresponds to the Company&rsquo;s proportionate responsibility with Funda&ccedil;&atilde;o Renova.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Germano
Dam </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In addition to
the Fund&atilde;o tailings dam, Samarco owns the Germano dam, which was also built under the upstream method and has been inactive
since the Fund&atilde;o dam rupture. Due to the new safety requirements set by the Brazilian National Mining Agency
(&ldquo;<I>Ag&ecirc;ncia Nacional de Minera&ccedil;&atilde;o</I> &ndash; ANM&rdquo;), Samarco prepared a project for the
de-characterization of this dam, resulting in a provision for the de-characterization of the Germano tailings dam. As at December
31, 2021, Vale total provision is R$1,126 (US$202 million) (R$1,149 (US$221 million) as at December 31,2020), for
de-characterization of Germano tailings dam.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Samarco&rsquo;s
working capital</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In addition to
the provision, Vale made available the amount of R$113 (US$21 million) for the year ended December 31, 2021 and (2020: R$845 (US$166
million)) which was fully used to fund Samarco&rsquo;s working capital and recognized in Vale&acute;s income statement as an expense
in &ldquo;Equity results and other results in associates and joint ventures&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Summarized
financial information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The summarized financial
information of Samarco are as follows. The stand-alone financial statements of these entity may differ from the financial information
reported herein, which is prepared considering Vale&rsquo;s accounting policies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%; color: Black; text-align: left">Current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">3,132</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">450</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16,301</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23,810</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Total assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,433</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,260</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">60,840</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">43,494</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Non-current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">39,287</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">33,181</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Total liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">100,127</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">76,675</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Negative reserves</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(80,694</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(52,415</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Loss for the year ended</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(17,311</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5,983</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Contingencies
related to Samarco accident</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">These proceedings
include public civil actions brought by Brazilian authorities and multiple proceedings involving claims for significant amounts of damages
and remediation measures. The Framework Agreements represents a model for the settlement of the public civil action brought by the MPF
and other related proceedings. There are also putative securities class actions in the United States against Vale and some of its current
and former officers and a criminal proceeding in Brazil. The main updates regarding the lawsuits in the year were as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(i) Public Civil
Action filed by the Federal Government and others and public civil action filed by the Federal Public Ministry (&quot;MPF&quot;)</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Framework
Agreement established a possible renegotiation of Funda&ccedil;&atilde;o Renova reparation programs upon the completion of studies
carried by specialist engaged to assist the Public Prosecutor's Office in this process. In October 2020, the MPF requested the
resumption of its public civil action of R$155 billion (US$27.5 billion), due to a difficulty in hiring of technical advisors.
Discussion for the renegotiation began in April 2021, and a letter of principles was finalized and signed in June 2021 by the
companies Vale, BHPB and Samarco, as well as representatives of the Government and various Justice Institutions. Depending on the
conclusion of the specialists hired and the court decision in this regard, the Company may recognize additional provisions for the
fulfillment of the programs determined in the Framework Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(ii) Class Action
in the United States</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In March 2017, the
holders of securities issued by Samarco Minera&ccedil;&atilde;o S.A. filed a potential collective action in the New York Federal Court
against Samarco, Vale, BHP Billiton Limited, BHP Billiton PLC and BHP Brasil Ltda. based on U.S. Federal Securities laws, which was dismissed
in June 2021. Thus, the case is closed and will be archived.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%; color: Black"><B>Notes
    to the Financial Statements<BR> Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
    <TD STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; text-align: center; width: 20%"><IMG SRC="tm225945d2_6kimage1.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(iii) Criminal
proceeding</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In September 2019,
the federal court of Ponte Nova dismissed all criminal charges against Vale representatives relating to the first group of charges, which
concerns the results of the Fund&atilde;o dam failure, remaining only the legal entity in the passive pole. The second group of charges
against Vale S.A. and one of the Company&rsquo;s employees, which concerns the accusation of alleged crimes committed against the Environmental
Public Administration, remained unchanged. The Company cannot estimate when a final decision on the case will be issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Insurance</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Since the Fund&atilde;o
dam rupture, the Company has been negotiating with insurers the indemnification payments based on its general liability policies. In
2021, the Company received payments in the amount of R$181 (US$33 million) (2020: R$86 (US$17 million)).The Company recorded a gain in the income statement as &ldquo;Equity
results and other results in associates and joint ventures&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Critical
accounting estimates and judgments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Under Brazilian legislation
and the terms of the joint venture agreement, the Company does not have an obligation to provide funding to Samarco. Accordingly, the
Company&rsquo;s investment in Samarco was fully impaired and no provision was recognized in relation to the Samarco&rsquo;s negative
equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The provision related
to Funda&ccedil;&atilde;o Renova requires the use of assumptions that may be mainly affected by: (i) changes in scope of work required
under the Framework Agreement as a result of further technical analysis and the ongoing negotiations with the Federal Prosecution Office,
(ii) activity level of Samarco&acute;s operations; (iii) updates of the discount rate; and (iv) resolution of existing and potential
legal claims.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Moreover, the main
critical assumptions and estimates applied in the Germano dam provision considers, among others: (i) volume of the waste to be removed
based on historical data available and interpretation of the enacted laws and regulations; (ii) location availability for the tailings
disposal; and (iii) acceptance by the authorities of the proposed engineering methods and solution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">As a result, future
expenditures may differ from the amounts currently provided and changes to key assumptions could result in a material impact to the amount
of the provision in future reporting periods. At each reporting period, the Company reassess the key assumptions used by Samarco in the
preparation of the projected cash flows and adjust the provision, if required.</FONT></P>



<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: teal"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="color: Black"><B><A NAME="va_034"></A>26.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Provision
                                            for de-characterization of dam structures and asset retirement obligations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to regulations,
which requires the decommissioning of the assets and mine sites that Vale operates at the end of their useful lives. Depending on the
geotechnical characteristics of the structures, the Company is required to de-characterize the structures, as described below.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #00807A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">a)
De-characterization of dam structures located in Brazil</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">As a result of the
Brumadinho dam rupture (note 24), the Company has decided to speed up the plan to &ldquo;de-characterize&rdquo; of all its tailings dams
built under the upstream method, certain &ldquo;centerline structures&rdquo; and dikes, located in Brazil. The Company also operates
tailings dams in Canada, including upstream compacted dams, however, there are no safety, technical or regulatory reasons for these dams
to be de-characterized. Therefore, these dams will be decommissioned using other methods, as presented in item (b) below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In September
2020, the federal government enacted Law no. 14,066, which modified the National Dam Safety Policy (Law no. 12,334/2020),
reinforcing the prohibition of constructing and raising upstream dams in Brazil. The statute also requires companies to
de-characterize the structures built using the upstream method by 2022, or by a later date if it is proven that the
de-characterization is not technically feasible by 2022. A  substantial part of the Company's de-characterization projects will be
completed in a period exceeding the date established in the regulation due to the characteristics and safety levels of the
Company's geotechnical structures. Thus, on February 21, 2022 (subsequent event), the Company filed with the relevant bodies a request for an extension to perform
the projects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In 2021, as a
result of advances in engineering and geotechnical studies, the Company reviewed the estimates to de-characterize the geotechnical
structures. In the last quarter 2021, the Company recorded R$9,747 (US$1,725 million) in addition to the provision recorded in 2020,
mainly due to changes in the engineering methods and solutions of geotechnical structures to ensure safety in the
execution of the de-characterization. These changes resulted in the increase on the volume of tailings to be removed from
certain structures, changes in containment plans and reinforcement of structures, and the use of remotely controlled equipment,
  instead of conventional equipment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%; color: Black"><B>Notes
    to the Financial Statements<BR> Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
    <TD STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; text-align: center; width: 20%"><IMG SRC="tm225945d2_6kimage1.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">These engineering
projects for these structures are in different stages of maturity, some of them still in the conceptual engineering phase, for which
the estimation of expenditures includes in its methodology a high degree of uncertainty in the definition of the total cost of the project
in accordance with best market practices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company&rsquo;s
de-characterization projects will last up to 15 years and were discounted at present value at a rate, which increased from 3.50% to 5.48%.
Changes in the provisions are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 74%; color: Black">Balance at January 1,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">11,897</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">10,034</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Additional provision</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,747</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,175</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Disbursements</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,521</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Present value valuation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(156</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">209</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Balance at December 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,666</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,897</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>December 31, 2021</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>December 31, 2020</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,518</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,981</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Non-current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,148</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9,916</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19,666</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">11,897</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In addition, due
to the de-characterization projects, the Company has suspended some operations due to judicial decisions or technical analysis
performed by Vale on its upstream dam structures located in Brazil. The Company has been recording losses in relation to the
operational stoppage and idle capacity of the ferrous mineral segment in the amounts of R$2,041 (US$376 million) and R$3,206 (US$634
million) for the year ended December 31, 2021 and 2020, respectively. The Company is working on legal and technical measures to
resume all operations at full capacity.</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">b)
Asset retirement obligations and environmental obligations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Parent
    Company</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2021</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2021</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Discount
    rate</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Flow
    duration</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Liability
    by geographical area</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 22%; color: Black"><FONT STYLE="font-size: 9pt">Brazil</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">7,786</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">7,940</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">7,118</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">5,730</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">5.48</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2119</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Canada</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">15,221</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">12,947</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">0.00</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2151</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Oman</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">684</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">547</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3.03</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2035</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Indonesia</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">432</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">314</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4.20</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2061</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Other
    regions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,432</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,752</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black">0.00
                                            - 7.79</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">25,555</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">23,500</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">7,118</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">5,730</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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    <TD STYLE="padding-bottom: 2pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 80%; color: Black"><B>Notes
    to the Financial Statements<BR> Expressed in millions of Brazilian reais, unless otherwise stated</B></TD>
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<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Provision
changes during the year</FONT></P>

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    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Asset retirement obligations</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; width: 48%; color: Black; text-align: left">Balance at beginning of the year</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,929</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,961</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,728</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,055</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Adjustment to present value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">622</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">141</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">457</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black">Disbursements</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(475</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(236</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(407</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(56</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Revisions on projected cash flows (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,461</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(200</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">722</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Translation adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,108</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,602</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Transfer to assets held for sale (note 16)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(278</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Incorporation of net assets from MBR (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,231</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Balance at end of the year</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23,906</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">21,929</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,809</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,728</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Environmental obligations</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Balance at beginning of the year</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,571</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,567</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,002</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,076</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Adjustment to present value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">108</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">108</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">37</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black">Disbursements</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(310</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(319</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(267</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(162</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Revisions on projected cash flows</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">276</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">238</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">251</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">51</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Translation adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Incorporation of net assets from MBR (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">215</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Balance at end of the year</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,649</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,571</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,309</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,002</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Liability</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25,555</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23,500</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,118</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,730</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Current</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">950</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,048</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">608</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">742</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Non-current</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24,605</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">22,452</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,510</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,988</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Liability</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">25,555</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23,500</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,118</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,730</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) Includes
R$682 (US$121 million) related to the decommissioning of the water structure of the base metals operations in Canada recorded in
income for the year ended December 31, 2021 as &quot;Other operating expenses&quot; (note 5) and R$318 (US$57 million) capitalized
as part of property, plant, and equipment (note 18). In 2020, the total amount was R$1,605 (US$312 million) referring to the
decommissioning of base metals infrastructure in Canada of R$778 (US$151 million) and iron ore in Brazil of R$827 (US$161 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>Financial
guarantees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company has
issued letters of credit and surety bonds for R$3,373 (US$605 million) as at December 31, 2021 (R$3,379 (US$651 million) at 2020),
in connection with the asset retirement obligations for its base metals operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Critical
accounting estimates and judgments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>De-characterization
of dam structures -</B> The main critical assumptions and estimates applied in the de-characterization provision considers, among others:
(i) volume of the waste to be removed based on historical data available and interpretation of the enacted laws and regulations; (ii)
location availability for the tailings disposal; (iii) engineering methods and solutions; (iv) security levels; (v) productivity of the
equipment used; (vi) advances in geological studies and new hydrological information; and (vii) discount rate update.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Therefore, future
expenditures may differ from the amounts currently provided because the realized assumptions and various other factors are not always
under the Company&rsquo;s control. These changes to key assumptions could result in a material impact to the amount of the provision
in future reporting periods. At each reporting period, the Company will reassess the key assumptions used in the preparation of the projected
cash flows and will adjust the provision, if required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Asset retirement
obligations -</B> When the provision is recognized, the corresponding cost is capitalized as part of property, plant and equipment and
it is depreciated over the useful life of the related mining asset.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The long-term liability
is discounted at presented value using a pre-tax rate that reflects current market assessments of the time value of money and the risks
specific to the liability and the unwinds are recorded in the income statement and is reduced by payments for mine closure and decommissioning
of mining assets. The accrued amounts of these obligations are not deducted from the potential costs covered by insurance or indemnities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Judgment is required
to determine key assumptions used on the asset retirement obligation measurement such as, interest rate, cost of closure, useful life
of the mining asset considering the current conditions of closure and the projected date of depletion of each mine. Any changes in these
assumptions may significantly impact the recorded provision. Therefore, the estimated costs for closure of the mining assets are deemed
to be a critical accounting estimate and annually reviewed.</FONT></P>

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  <TD STYLE="text-align: left; width: 60%; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Notes to the Financial Statements</B></P>
                         <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
  <TD STYLE="text-align: right; width: 40%"><IMG SRC="tm225945d2_6kimg003.jpg" ALT="">&nbsp;</TD></TR>
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  <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><B>Expressed in millions of Brazilian reais, unless
  otherwise stated</B></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><A NAME="va_035"></A>27.
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: center"><B>Consolidated</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Current liabilities</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Non-current liabilities</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Provisions for litigation (note 28)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">516</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">455</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,647</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,216</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Employee postretirement obligations (note 29)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">553</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">534</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">8,556</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">11,802</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Payroll, related charges and other remunerations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4,553</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4,560</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Onerous contracts (note 19)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">208</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">303</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4,879</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4,359</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Provision related to VNC sale (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,598</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; padding-left: 2pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">213</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,830</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">8,663</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">19,082</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">21,377</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Parent Company</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Current liabilities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Non-current liabilities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center; border-bottom: Black 1pt solid">December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center; border-bottom: Black 1pt solid">December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Provisions for litigation (note 28)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">511</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">455</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,260</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4,782</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Employee postretirement obligations (note 29)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">249</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,236</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,246</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Payroll, related charges and other remunerations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,259</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,154</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">-</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; padding-left: 2pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">213</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">4,019</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">4,077</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">7,496</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">8,028</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The long-term liability
is discounted at presented value using a pre-tax rate that reflects current market assessments of the time value of money and the risks
specific to the liability and the unwinds are recorded in the income statement and is reduced by payments. The accrued amounts of these
obligations are not deducted from the potential costs covered by insurance or indemnities.</FONT></P>



<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B><A NAME="va_036"></A>28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigations</B></FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company is defendant in numerous legal actions in the ordinary course of business, including civil, tax, environmental and labor proceedings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company makes use of estimates to recognize the amounts and the probability of outflow of resources, based on reports and technical assessments
and on management&rsquo;s assessment. Provisions are recognized for probable losses of which a reliable estimate can be made. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">Arbitral,
legal and administrative decisions against the Company, new jurisprudence and changes of existing evidence can result in changes regarding
the probability of outflow of resources and on the estimated amounts, according to the assessment of the legal basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">a)
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for legal proceedings</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company has considered all information available to assess the likelihood of an outflow of resources and in the preparation on the estimate
of the costs that may be required to settle the obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Tax
litigations - <FONT STYLE="font-weight: normal">Mainly refers to the lawsuit filed in 2011 by Valepar (merged by Vale) seeking the
right to exclude the amount of dividends received in the form of interest on stockholders&rsquo; equity (&ldquo;JCP&rdquo;) from the
PIS and COFINS tax base. The amount reserved for this proceeding as at December 31, 2021 is R$2,243 (US$402 million) (R$2,197
(US$423 million) for the year ended December 31, 2020). This proceeding is guaranteed by a judicial deposit in the amount of R$2,586
(US$463 million) recorded as at December 31, 2021 (R$2,529 (US$487 million) as at December 31, 2020). </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Civil
litigations - <FONT STYLE="font-weight: normal">Refers to lawsuits for: (i) indemnities for losses, payments and contractual fines due
to contractual imbalance or non-compliance that are alleged by suppliers, and (ii) land claims referring to real estate Vale's operational
activities. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 60%; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Notes to the Financial Statements</B></P>
                         <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
  <TD STYLE="text-align: right; width: 40%"><IMG SRC="tm225945d2_6kimg003.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><B>Expressed in millions of Brazilian reais, unless
  otherwise stated</B></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Labor
litigations - <FONT STYLE="font-weight: normal">Refers to lawsuits for individual claims by in-house employees and service providers,
primarily involving demands for additional compensation for overtime work, moral damages or health and safety conditions. </FONT></FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Environmental
litigations - <FONT STYLE="font-weight: normal">Refers mainly to proceedings for environmental damages and issues related to environmental
licensing.</FONT></FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Consolidated</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Tax litigation</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Civil litigation</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Labor litigation</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Environmental <BR>
litigation</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Total of<BR>
 litigation <BR>
provision</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; padding-left: 2pt">Balance at December 31, 2019</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,804</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,213</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,835</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">43</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,895</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Additions and reversals, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">133</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">168</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">78</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">388</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-left: 2pt">Payments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(128</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(154</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(304</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(586</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Indexation and interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(416</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">129</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">130</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(153</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; padding-left: 2pt">Translation adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">127</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">127</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; padding-left: 2pt">Balance at December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,520</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,354</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,741</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">56</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,671</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Additions and reversals, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">105</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">397</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">531</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-left: 2pt">Payments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(117</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(301</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(495</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Indexation and interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">238</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">164</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">460</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Translation adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Acquisition of NLC (note 16)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">38</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">49</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; padding-left: 2pt">Discontinued operations - Coal (note 16)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(12</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(44</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(58</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt; padding-left: 2pt">Balance at December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,542</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,579</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,000</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">42</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">6,163</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">77</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">118</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">314</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">516</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; padding-left: 2pt">Non-current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,465</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,461</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,686</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">35</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,647</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,542</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,579</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,000</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">42</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">6,163</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Parent Company</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Tax litigation (i)</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Civil litigation</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Labor litigation</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Environmental <BR>
litigation</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Total of <BR>
litigation<BR>
 provision</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; padding-left: 2pt">Balance at December 31, 2019</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,325</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,004</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,734</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">39</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,102</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Additions and reversals, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">136</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">53</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">112</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">307</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-left: 2pt">Payments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(116</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(287</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(484</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; padding-left: 2pt">Indexation and interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">65</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">114</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">128</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">312</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt; padding-left: 2pt">Balance at December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,410</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,090</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,687</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">50</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,237</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Additions and reversals, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">44</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">364</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">437</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-left: 2pt">Payments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(113</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(263</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(453</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Indexation and interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">113</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">168</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">339</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; padding-left: 2pt">Merger of subsidiaries (note 15)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">79</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">125</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">3</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">211</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt; padding-left: 2pt">Balance at December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,513</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,259</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,960</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">39</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,771</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">78</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">112</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">314</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">511</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; padding-left: 2pt">Non-current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,435</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,147</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,646</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">32</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,260</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">2,513</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,259</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,960</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">39</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,771</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 113.3pt 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="color: Black">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Includes amounts regarding to social
security claims that were classified as labor claims.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #00807A; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="color: Black"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Contingent liabilities</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">Tax litigations</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28,891</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">29,857</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28,377</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">27,157</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">Civil litigations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,384</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,159</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,461</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,676</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">Labor litigations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,882</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,926</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,785</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,846</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 2pt">Environmental litigations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,322</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,717</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,391</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3,837</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; padding-left: 2pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">45,479</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">43,659</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">42,014</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">38,516</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The main contingent
liabilities, updated by applicable interest rates, for which the likelihood of loss is considered possible are presented by nature as
follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(b.i) Tax proceedings
- CFEM</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company is
engaged in numerous administrative and judicial proceedings related to the mining royalty known as CFEM. These proceedings arise out
of a large number of assessments by the Brazilian National Mining Agency (&ldquo;<I>Ag&ecirc;ncia Nacional de
Minera&ccedil;&atilde;o</I> &ndash; ANM&rdquo;, former &ldquo;DNPM&rdquo;), which main discussions involve the deduction of
insurance and transportation costs indicated in the corresponding invoice payment of royalties on pellet sales and CFEM charges on
the revenues provided by our subsidiaries abroad. The Company estimates the possible losses resulting from these proceedings to be
R$8,893 (US$1,594 million) as at December 31, 2021 (R$10,730 (US$2,065 million) as at December 31,2020). The reduction in the amount
under discussion was mainly due to the review of the amount assessed by the ANM and payments made by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 60%; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Notes to the Financial Statements</B></P>
                         <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
  <TD STYLE="text-align: right; width: 40%"><IMG SRC="tm225945d2_6kimg003.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><B>Expressed in millions of Brazilian reais, unless
  otherwise stated</B></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(b.ii) Tax proceedings
- PIS/COFINS</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company is a
party to several collections related to the alleged improper use of PIS and COFINS credits (federal taxes levied on the companies'
gross revenue). Brazilian tax legislation authorizes taxpayers to use PIS and COFINS tax credits, such as those referring to the
acquisition of inputs for the production process and other items. The tax authorities mainly claim that (i) some credits were not
related to the production process, and (ii) the right to use the tax credits was not adequately proven. The Company is discussing
the aforementioned charges related to credits determined as at 2002. The chances of loss related to these lawsuits classified as
possible total R$5,667 (US$1,016 million) as at December 31, 2021 (R$5,602 (US$1,004 million) as at December 31, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(b.iii) Tax
proceedings - Tax on Services (&ldquo;ISS&rdquo;)</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company is party to a number of administrative and judicial proceedings related to the collection of ISS in several Brazilian
municipalities. The tax authorities&rsquo; main allegations for those proceedings are: (i) the tax basis used for computing the tax
payable was incorrect; (ii) failure to pay ISS related to third parties asset management services; and (iii) the incidence of ISS
over own goods port handling services (&ldquo;self-service&rdquo;). As at December 31, 2021, the total amount of the possible loss
is R$2,935 (US$526 million) (R$2,621 (US$504 million) as at December 31, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(b.iv) Tax proceedings
- Value added tax on services and circulation of goods (&ldquo;ICMS&rdquo;)</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Vale is engaged in
several administrative and court proceedings relating to additional charges of ICMS by the tax authorities of different Brazilian states.
In each of these proceedings, the tax authorities claim that (i) use of undue tax credit; (ii) failing to comply with certain accessory
obligations; (iii) the Company is required to pay the ICMS on acquisition of electricity (iv) operations related to the collection of
tax rate differential (&ldquo;DIFAL&rdquo;) and (v) incidence of ICMS on its own transportation. The total amount classified as a possible
loss is R$2,923 (US$524 million) as at December 31, 2021 (R$3,369 (US$648 million) as at December 31, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(b.v) Tax proceedings
- Fines arising from offsets not approved for settlement of federal debts</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Vale is a party
to several assessments by the Brazilian Federal Revenue Service (&ldquo;RFB&rdquo;) referring to the imposition of fines of 50% on
the value of compensation not approved for the settlement of federal debts. The RFB understands that these offsets were made with
undue credits. The Company contests the aforementioned fines and also the non-approval of compensation in other proceedings, which
are already disclosed if related to a contingency with possible likelihood of loss. If the Company is successful in the proceedings
in which the non-approval of the compensation is being discussed, the expectation is that the corresponding collection of fines will
be cancelled. The constitutionality of the fine collection is discussed by another company in a leading case before the STF, and a
favorable decision in this case will be applicable to all taxpayers who dispute this thesis. As at December 31, 2021, the total
amount of fines imposed was R$1,604 (US$287 million) (R$1,542 (US$297 million) as at December 31, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(b.vi) Civil
proceedings - Environmental licensing of the Company's operations</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company is a party to several civil proceedings, which are not individually material. Among these processes, the Company is engaged on
public civil actions brought by associations representing the Kayap&oacute; and Xikrin indigenous communities, in the state of Par&aacute;,
which seek to suspend the Company&rsquo;s environmental licenses for On&ccedil;a Puma (nickel), Salobo (copper) and S11D (iron ore).
Those associations claim, among other things, that during the environmental licensing process, the Company did not perform appropriate
studies on the impacts from those operations over the surrounding indigenous communities, which were ordinarily processed and approved
by the competent licensing bodies. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company estimates the likelihood of loss on those proceedings as possible, however, the amount of a possible loss resulting from a possible
interruption of these operations or compensatory measures to prevent the suspension of their environmental licenses cannot be reliably
estimated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"><I><U>(b.vii)
Environmental litigations&ndash; Iron ore operations in Itabira</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company is a party to several environmental proceedings, which are not individually material. Among these processes, the Company is
a defendant in two separate actions brought by the municipality of Itabira, in the Brazilian state of Minas Gerais. In the first
action, filed in August 1996, the municipality alleges that Vale iron ore operations have caused environmental and social harm, and
claims damages with respect to the alleged environmental degradation, as well as the immediate restoration of the affected
ecological complex and the performance of compensatory environmental programs in the region. In the second action, filed in
September 1996, the municipality of Itabira claims the right to be reimbursed for expenses it has incurred in connection with public
services rendered as a consequence of mining activities. The damages sought, as adjusted from the date of the claim, amount to
approximately R$1,925 (US$345 million) (R$1,494 (US$287 million) as at December 31, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 60%; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Notes to the Financial Statements</B></P>
                         <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
  <TD STYLE="text-align: right; width: 40%"><IMG SRC="tm225945d2_6kimg003.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><B>Expressed in millions of Brazilian reais, unless
  otherwise stated</B></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>c) Judicial deposits</B></FONT></P>

<P STYLE="color: #00807A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Consolidated</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Parent Company</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Tax litigations</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,341</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,132</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5,227</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4,962</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Civil litigations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">559</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">441</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">431</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">325</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 2pt">Labor litigations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">783</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">924</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">760</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">885</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt; padding-left: 2pt">Environmental litigations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">125</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">94</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">125</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">93</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt; padding-left: 2pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">6,808</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">6,591</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">6,543</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">6,265</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>d)
Guarantees contracted for legal proceedings</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In addition to
the above-mentioned tax, civil, labor and environmental judicial deposits, the Company contracted R$11.2 billion (US$2 billion) in
guarantees for its lawsuits, as an alternative to judicial deposits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>e)
Contingent Assets</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(e.i) Compulsory
Loan</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In 2015, the
Company requested for the enforcement of the judicial decision related to a favorable unappealable decision which partially
recognized its right to refund the differences of monetary adjustments and interests due over to the third convertible bonds issued
by Eletrobras shares in the period within 1987 to 1993. In November 2019, the Company requested for the payment recognized by
Eletrobras as due and such requirement was granted by the court. In August 2020, the Company received R$301 (US$55 million) and the
remaining amount still under evaluation is R$198 (US$35 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(e.ii) Arbitration
related to Simandou</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In 2010, the Company
acquired a 51% interest in BSG Resources Limited G (&quot;BSGR&quot;), which held concession rights and permits for iron ore exploration
in the Republic of Guinea. In 2014, the Republic of Guinea revoked these concessions based on evidence that BSGR had obtained them through
bribery of Guinean government officials. The Republic of Guinea did not make any finding of any involvement or responsibility on the
Company&rsquo;s part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The arbitral tribunal
in London ruled in the Company&rsquo;s favor and ordered BSGR to pay to the Company the amount of approximately R$11,161 (US$2,0 billion),
with interest and costs. BSGR went into administration in March 2018, and the Company has commenced legal proceedings against BSGR before
courts in London, England and in the United States District Court for the Southern District of New York to enforce the arbitral award
against BSGR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company continues
to pursue the enforcement of the award and collection of the amounts due by all legally available means, but since there can be no assurance
as to the timing and amount of any collections, the asset was not recognized in its financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(e.iii) Tax
Litigation in Canada</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Vale Canada
Limited (&quot;VCL&quot;) and the Canadian tax agency, affiliated with the Canadian Department of Justice, have signed an agreement
on a tax dispute related to the tax treatment of receipts and expenses incurred by VCL in merger and acquisition transactions that
occurred in 2006. In 2019, the Company recognized an asset in the amount of R$889 (US$162 million) (CAD221 million), which
corresponded to the amount due from the income tax refund, including estimated interest. In 2020, the Company recognized an
additional amount of R$84 (US$15 million) (CAD21 million) related to interest. In 2020, the Company received the amount of R$973
(US$177 million) (CAD242 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">A provision is recognized
when it is considered probable that an outflow of resources will be required to settle the obligation and can be reliably estimated.
The liability is accounted against an expense in the income statement. This obligation is updated based on the developments of the judicial
process or interest accretion and can be reversed if the expectation of loss is not considered probable due to changes in circumstances
or when the obligation is settled.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 60%; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Notes to the Financial Statements</B></P>
                         <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
  <TD STYLE="text-align: right; width: 40%"><IMG SRC="tm225945d2_6kimg003.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><B>Expressed in millions of Brazilian reais, unless
  otherwise stated</B></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Contingent assets
are disclosed when the related economic benefits are probable and are only recognized in the financial statements in the period in which
their realization is virtually certain.&nbsp;</FONT></P>



<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>Critical
accounting estimates and judgments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Litigations are contingent
by nature, that is, it will be resolved when one or more future event occurs or fails to occur. Typically, the occurrence or not of such
events is outside of the Company&rsquo;s control. Legal uncertainties involve the application of significant estimates and judgments
by management regarding the potential outcomes of future events.<B>&nbsp;</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B><A NAME="va_037"></A>29.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee
benefits </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>a)
Employee postretirements obligations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In Brazil, the management
of the pension plans is the responsibility of Funda&ccedil;&atilde;o Vale do Rio Doce de Seguridade Social (&ldquo;Valia&rdquo;) a nonprofit
entity with administrative and financial autonomy. The Brazilian plans are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Benefit plan Vale
Mais (&ldquo;<I>Vale Mais</I>&rdquo;) and benefit plan Valiaprev (&ldquo;<I>Valiaprev</I>&rdquo;) - </B>Certain Company&rsquo;s employees
are participants of Vale Mais and Valiaprev plans with components of defined benefits (specific coverage for death, pensions and disability
allowances) and components of defined contributions (for programmable benefits). The defined benefits plan is subject to actuarial evaluations.
The defined contribution plan represents a fixed amount held on behalf of the participants. Both Vale Mais and Valiaprev were overfunded
as at December 31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Defined benefit
plan (&ldquo;<I>Plano BD</I>&rdquo;) - </B>The Plano BD has been closed to new entrants since 2000, when the Vale Mais plan was implemented.
It is a plan that has defined benefit characteristics, covering almost exclusively retirees and their beneficiaries. It was overfunded
as at December 31, 2021 and 2020 and the contributions made by the Company are not material.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>&ldquo;<I>Abono
complementa&ccedil;&atilde;o</I>&rdquo; benefit plan - </B>The Company sponsors a specific group of former employees entitled to receive
additional benefits from Valia regular payments plus post-retirement benefits that covers medical, dental and pharmaceutical assistance.
The contributions made by the Company finished in 2014. The &ldquo;<I>abono complementa&ccedil;&atilde;o</I>&rdquo; benefit was overfunded
as at December 31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Other benefits
- </B>The Company sponsors medical plans for employees that meet specific criteria and for employees who use the &ldquo;<I>abono complementa&ccedil;&atilde;o</I>&rdquo;
benefit. Although those benefits are not specific retirement plans, actuarial calculations are used to calculate future commitments.
As those benefits are related to health care plans they have nature of underfunded benefits, and are presented as underfunded plans as
at December 31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Foreign plans
are managed in accordance with their region. They are divided between plans in Canada, United States of America, United Kingdom and Indonesia.
Pension plans in Canada are composed of a defined benefit and defined contribution component. Currently the defined benefit plans do
not allow new entrants. The foreign defined benefit plans are underfunded as at December 31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Employers&rsquo; disclosure
about pensions and other post-retirement benefits on the status of the defined benefit elements of all plans is provided as follows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the Financial Statements</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expressed in millions of Brazilian
reais, unless otherwise stated</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00807A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><FONT STYLE="color: Black"><B>i.
Evolution of present value obligation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 9pt">Parent
    Company</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 34%; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Benefit
    obligation as at December 31, 2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">16,148</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">17,818</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">6,066</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">16,148</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,661</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,220</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">Service costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">38</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">271</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">92</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">38</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">Interest costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,123</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">690</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">328</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,123</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">114</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">160</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">Benefits paid</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(1,793</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(1,281</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(270</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(1,793</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(168</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(86</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">Participant contributions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">Effect of changes
    in the actuarial assumptions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">622</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,399</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">809</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">622</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">43</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,123</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Translation
    adjustment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">5,174</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,982</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Benefit
    obligation as at December 31, 2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">16,138</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">24,073</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">9,007</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">16,138</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,650</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">2,417</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">Service costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">52</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">364</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">38</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">153</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">Interest costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,056</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">658</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">179</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,032</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">103</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">Benefits paid</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(1,269</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(1,387</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(303</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(1,211</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(163</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(98</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">Participant contributions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(167</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">Effect of changes
    in the actuarial assumptions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(1,778</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(1,349</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(1,408</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(1,647</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(271</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(790</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">Translation adjustment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">18</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,627</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">486</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Transfer</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,591</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">(1,591</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Benefit
    obligation as at December 31, 2021</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">15,808</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">22,228</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">7,967</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">14,350</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,320</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 9pt">1,682</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><FONT STYLE="color: Black"><B>ii.
Evolution of assets fair value</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Parent
    Company</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 34%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Fair
    value of plan assets as at December 31, 2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">21,380</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">15,019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">21,380</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">658</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Interest income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,503</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">545</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,503</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">43</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Employer contributions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(217</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">272</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">270</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(217</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">23</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">186</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Participant contributions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Benefits paid</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,793</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,262</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(270</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,793</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(167</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(186</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Return on plan
    assets (excluding interest income)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(247</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,794</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(247</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Translation
    adjustment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,374</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Fair
    value of plan assets as at December 31, 2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">20,626</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">20,744</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">20,626</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">566</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Interest income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,368</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">548</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,347</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">34</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Employer contributions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">158</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">214</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">303</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">86</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">98</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Participant contributions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Benefits paid</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,269</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,387</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(303</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,211</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(163</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(98</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Return on plan
    assets (excluding interest income)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,450</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">999</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,606</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">63</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Translation adjustment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,485</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Transfer</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,518</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,518</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Fair
    value of plan assets as at December 31, 2021</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">20,943</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">21,086</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">19,242</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">516</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><FONT STYLE="color: Black"><B>iii.
Reconciliation of assets and liabilities recognized in the statement of financial position</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Plans
    in Brazil</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2021</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2020</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 34%; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Balance
    at beginning of the year</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,488</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">5,232</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Interest income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">313</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">376</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Changes
    on asset ceiling</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">91</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,120</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Balance
    at end of the year</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,892</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,488</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Amount recognized
    in the statement of financial position</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Present value of actuarial liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(14,350</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,320</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,681</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(16,138</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,650</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,417</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Fair value of assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">19,242</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">516</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">20,626</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">566</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Effect
    of the asset ceiling</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4,892</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4,488</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(804</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,681</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,084</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,417</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Current liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(226</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(23</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(167</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(255</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Non-current
    liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(578</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,658</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(917</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,162</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(804</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,681</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,084</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,417</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #007E7A"><IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the Financial Statements</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expressed in millions of Brazilian
reais, unless otherwise stated</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Foreign
    plan</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2021</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2020</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Movements
    of assets ceiling</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Balance
    as of January 1,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Changes
    on asset ceiling and onerous liability</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">235</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Translation
    adjustment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Balance
    at December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">243</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Amount recognized
    in the statement of financial position</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Present value of actuarial liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,458</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(20,908</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(6,285</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(22,423</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(6,590</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Fair value of assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,701</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">20,569</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">20,178</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Effect
    of the asset ceiling</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(243</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(339</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(6,285</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,245</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(6,590</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Current liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(41</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(263</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(36</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(244</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Non-current
    liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(298</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(6,022</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,209</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(6,346</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(339</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(6,285</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,245</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(6,590</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2021</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2020</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 34%; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Balance
    at beginning of the year</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,488</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">5,232</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Interest income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">313</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">376</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Changes on asset
    ceiling</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">326</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,120</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Translation
    adjustment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Balance
    at end of the year</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">5,135</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,488</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Amount recognized
    in the statement of financial position</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Present value of actuarial liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(15,808</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(22,228</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(7,967</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(16,138</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(24,073</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(9,007</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Fair value of assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">20,943</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">21,086</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">20,626</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">20,744</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Effect
    of the asset ceiling</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(5,135</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4,488</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,142</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(7,967</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(3,329</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(9,007</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Current liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(266</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(287</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(204</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(499</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Non-current
    liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(876</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(7,680</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(3,125</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(8,508</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,142</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(7,967</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(3,329</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(9,007</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Parent
    Company</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Plans
    in Brazil</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2021</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2020</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 34%; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Balance
    at beginning of the year</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,488</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">5,232</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Interest income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">313</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">376</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Changes
    on asset ceiling</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">91</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,120</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Balance
    at end of the year</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,892</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,488</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Amount recognized
    in the statement of financial position</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Present value of actuarial liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(14,350</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,320</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,681</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(16,138</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,650</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,417</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Fair value of assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">19,242</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">516</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">20,626</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">566</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Effect
    of the asset ceiling</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4,892</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(4,488</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(804</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,681</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,084</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,417</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Current liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(226</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(23</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(167</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(255</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Non-current
    liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(578</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,658</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(917</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,162</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Liabilities</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(804</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,681</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,084</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(2,417</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #007E7A"><IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the Financial Statements</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expressed in millions of Brazilian
reais, unless otherwise stated</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><FONT STYLE="color: Black"><B>iv.
Costs recognized in the income statement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Consolidated</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Year
    ended December 31,</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2021</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2020</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Overfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Underfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Other<BR> benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Overfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Underfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Other <BR> benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Overfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Underfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Other <BR> benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 19%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Service
    cost</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">52</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">364</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">37</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">268</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">89</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">25</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">218</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">38</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Interest expense</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,056</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">658</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">179</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,123</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">681</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">328</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,203</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">606</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">223</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Interest income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(1,368</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(548</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(1,503</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(545</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(1,640</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(487</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Interest
    expense on effect of (asset ceiling)/ onerous liability</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">313</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">376</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">432</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Total
    of cost, net</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">53</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">474</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">185</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">33</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">404</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">417</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">20</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">337</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">261</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent
    Company</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Year
    ended December 31,</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2020</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Overfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Underfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Other<BR> benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Overfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Underfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Other<BR> benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 22%; color: Black; text-align: left">Service cost</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">38</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">153</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">37</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">(2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Interest expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,032</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">103</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,123</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">114</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(160</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Interest income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,347</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(34</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,503</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(44</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Interest expense on effect
    of (asset ceiling)/ onerous liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">313</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">375</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Total of cost, net</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">36</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">69</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">153</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">32</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">68</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(160</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><FONT STYLE="color: Black"><B>v.
Costs recognized in the statement of comprehensive income</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Consolidated</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="34" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Year
    ended December 31,</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2021</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2020</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Overfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Underfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Other<BR> benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Overfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Underfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Other<BR> benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Overfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Underfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: Black"><B>Other<BR> benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 19%; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Balance
    at beginning of the year</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(525</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(2,078</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(1,870</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(695</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(1,852</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(960</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(640</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(1,812</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(494</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Effect of changes
    actuarial assumptions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,778</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,349</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,420</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(622</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(1,579</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(1,321</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(2,965</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(1,389</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(713</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Return on plan
    assets (excluding interest income)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(1,450</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">999</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(248</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,794</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,965</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,452</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Change of asset
    ceiling</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(330</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,120</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(83</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(27</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">17</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">24</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">45</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">74</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(29</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,365</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,444</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">250</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">260</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(1,247</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(83</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">63</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(713</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Deferred
    income tax</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">27</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(713</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(463</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(85</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(76</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">462</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">28</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(32</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">251</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Others comprehensive
    income</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(2</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,652</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">981</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">165</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">184</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(785</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(55</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">31</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(462</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">Translation adjustments</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(88</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(73</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(402</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(125</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(71</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Transfers/
    disposal/ others</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Accumulated
    other comprehensive income</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(525</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(514</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(962</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(525</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(2,078</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(1,870</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(695</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(1,852</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(960</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Parent
    Company</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Year
    ended December 31,</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">2021</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">2020</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Overfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Underfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Other<BR> benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Overfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Underfunded<BR> pension<BR> plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Other<BR> benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 22%; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Balance
    at beginning of the year</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(525</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(579</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,111</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(695</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(547</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(442</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Effect of changes
    actuarial assumptions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,647</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">271</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">789</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(622</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(43</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,123</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Return on plan
    assets (excluding interest income)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,606</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">63</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(248</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Change of asset
    ceiling</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(91</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,120</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Others</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">42</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">72</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(50</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">334</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">831</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">250</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(36</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,051</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Deferred
    income tax</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">17</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(114</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(283</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(85</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">12</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">382</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Others comprehensive
    income</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(33</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">220</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">548</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">165</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(24</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(669</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Transfers/
    disposal/ others</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Accumulated
    other comprehensive income</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(558</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(359</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(563</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(525</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(579</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(1,111</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal"><FONT STYLE="color: Black">&nbsp;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #007E7A"><IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the Financial Statements</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expressed in millions of Brazilian
reais, unless otherwise stated</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>vi.
Risks related to plans</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Administrators
of the plans have committed to strategic planning to strengthen internal controls and risk management. This commitment is achieved by
conducting audits and assessments of internal controls, which aim to mitigate operational market and credit risks. Risks are presented
as follow:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Legal -</B> Lawsuits:
issuing periodic reports to internal audit and directors contemplating the analysis of lawyers about the possibility of loss (remote,
probable or possible), aiming to support the administrative decision regarding provisions. Analysis and ongoing monitoring of developments
in the legal scenario and its dissemination within the institution in order to subsidize the administrative plans, considering the impact
of regulatory changes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Actuarial - </B>The
annual actuarial valuation of the benefit plans comprises the assessment of costs, revenues and adequacy of plan funding. It also considers
the monitoring of biometric, economic and financial assumptions (asset volatility, changes in interest rates, inflation, life expectancy,
salaries and other).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Market -</B> Profitability
projections are made for the different plans considering a 10-year horizon. Asset Liability Management studies are performed for defined
benefit obligations, while for defined contribution obligations there are efficient frontier (investment profiles) and glidepath (life
cycles) studies. These projections consider the market risks of the investment asset classes. In addition, the short-term market risk
of the plans is periodically monitored through metrics such as VaR - Value at Risk (parametric with 95% confidence), Benchmarch VaR,
Maximum Drawdown, Stress Tests, among others.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Credit -</B> Assessment
of the credit quality of issuers by hiring expert consultants to evaluate financial institutions and internal assessment of payment ability
of non-financial companies. For assets of non-financial companies, the assessment is conducted a monitoring of the company until the
maturity of the security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Liquidity -</B>
The monitoring of the liquidity of plans with defined benefit obligations is carried out in different time horizons with specific indicators
and by technical study. Indicators help in monitoring short-term risks. The technical study aims to project the cash flows of all classes
of assets and liabilities until the maturity of longer fixed-income securities and until the exhaustion of the actuarial liabilities
of the plans, verifying that the assets for trading and held to maturity are sufficient to coverage of plan obligations. Portfolios of
defined contribution bonds, namely investment profiles and life cycles, contain assets that can be sold at any time in normal market
situations and, therefore, their market risk is assessed by specific indicators.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>vii.
Actuarial and economic assumptions and sensitivity analysis</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: navy"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">All calculations involve
future actuarial projections about some parameters, such as: salaries, interest, inflation, the trend of social security in Brazil (&ldquo;INSS&rdquo;)
benefits, mortality and disability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The economic and actuarial
assumptions adopted have been formulated considering the long-term period for maturity and should therefore be analyzed accordingly.
In the short term they may not be realized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: navy"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The following assumptions
were adopted in the assessment:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="21" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Brazil</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December
    31, 2021</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December
    31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Overfunded<BR>
                                            pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Underfunded<BR>
                                            pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Other
                                            benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Overfunded<BR>
                                            pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Underfunded<BR>
                                            pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; padding-left: 2pt">Other
    benefits</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 23%; color: Black; text-align: left">Discount rate to determine benefit
    obligation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">8.62%
                                            - 8.82%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">10.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">8.68%
                                            - 8.86%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">6.62%
                                            - 7.18%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 11%; color: Black; text-align: right">6.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right; padding-left: 2pt">6.16% - 7.17%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Nominal average rate to determine expense/ income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">8.62%
                                            - 8.82%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">10.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">6.62%
                                            - 7.18%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt">N/A</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Nominal average rate of salary increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.25%
                                            - 5.32%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt">N/A</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Nominal average rate of benefit increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt">N/A</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Immediate health care cost trend rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6.35</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt">6.35% - 6.91%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Ultimate health care cost trend rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6.35</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt">6.35% - 6.91%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Nominal average rate of price inflation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.31%
                                            - 3.80%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right; padding-left: 2pt">3.25% - 3.80%</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to the Financial Statements</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expressed in millions of Brazilian
reais, unless otherwise stated</B></P>




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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Foreign</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December
    31, 2021</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December
    31, 2020</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48%; color: Black; text-align: left">Discount rate to determine benefit
    obligation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">2.84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">3.03</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">2.43</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">2.62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Nominal average rate to determine expense/ income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2.62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2.62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Nominal average rate of salary increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Nominal average rate of benefit increase</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Immediate health care cost trend rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.35</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Ultimate health care cost trend rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4.57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4.56</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Nominal average rate of price inflation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2.10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2.08</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">For the sensitivity
analysis, the Company applies the effect of 1.0% in nominal discount rate to the present value of the Company&acute;s actuarial liability.
The effects of this analysis on the Company&acute;s actuarial liability and assumptions adopted are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Brazil</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December
    31, 2021</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Nominal discount rate - 1% increase</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 61%; color: Black; text-align: left">Actuarial liability adjusted for
    the sensitivity test</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">13,585</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">1,539</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">2,156</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Assumptions made</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9.72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">9.68</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Nominal discount rate - 1% reduction</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Actuarial liability adjusted for the
    sensitivity test</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,197</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,767</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,671</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Assumptions made</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7.72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7.68</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Foreign</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December
    31, 2021</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Overfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Underfunded<BR> pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Nominal discount rate - 1% increase</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 61%; color: Black; text-align: left">Actuarial liability adjusted for
    the sensitivity test</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">1,233</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">18,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">5,419</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Assumptions made</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2.85</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3.84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4.03</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Nominal discount rate - 1% reduction</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Actuarial liability adjusted for the
    sensitivity test</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,808</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">23,773</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,327</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Assumptions made</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">0.85</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1.84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2.03</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>viii.
Assets of pension plans</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Brazilian plan
assets as at December 31, 2021 and 2020 includes respectively (i) investments in a portfolio of Vale&rsquo;s stock and other
instruments in the amount of R$281 (US$50 million) and R$105 (US$20 million), which are presented as &ldquo;Investments funds
 &ndash; Equity&rdquo; and (ii) Brazilian Federal Government securities in the amount of R$20,550 (US$3,682 million) and R$18,773
(US$3,612 million), which are presented as &ldquo;Debt securities governments&rdquo; and &ldquo;Investments funds &ndash;
Fixed&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Foreign plan
assets as at December 31, 2021 and 2020 includes Canadian Government securities in the amount of R$3,806 (US$682 million) and
R$3,575 (US$688 million), respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>ix.
Overfunded pension plans</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Assets by category
are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="30" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Consolitaded</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31, 2021</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31, 2020</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Level
    1</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Level
    2</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Level
    3</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Level
    1</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Level
    2</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Level
    3</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; color: Black; text-align: center"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; color: Black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Cash
    and cash equivalents</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Debt
    securities - Corporate</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">412</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">419</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">219</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">219</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Debt
    securities - Government</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">11,394</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">11,394</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">9,563</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">9,563</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Investments
    funds - Fixed Income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">10,660</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">978</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">11,638</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">11,649</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">11,649</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Investments
    funds - Equity</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,524</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,524</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,057</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,057</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">International
    investments</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">510</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">510</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">164</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">164</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Structured
    investments - Private Equity funds</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">718</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">573</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,291</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">653</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">653</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Structured
    investments - Real estate funds</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">24</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">24</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">642</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">28</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">670</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Real
    estate</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,187</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,187</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,325</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">1,325</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Loans
    to participants</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">597</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">597</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">545</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">545</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">25,095</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,113</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,381</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">29,589</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">24,075</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">219</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">2,551</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">26,845</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Funds
    not related to risk plans (i)</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(8,646</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">(6,219</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Fair
    value of plan assets at end of year</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">20,943</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">20,626</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) Financial investments
not related to coverage of overfunded pension plans. Funds are related to the Company&acute;s unconsolidated entities and former employees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Measurement of overfunded
plan assets at fair value with no observable market variables (level 3) are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Private equity<BR>
 funds</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Real estate<BR>
 funds</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Real estate</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Loans to<BR>
 participants</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 35%; color: Black; padding-bottom: 1pt">Balance as at December 31, 2019</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">632</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">70</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,301</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">567</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,570</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Return on plan assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">94</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">197</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Assets purchases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">609</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">668</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Assets sold during the year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(77</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(74</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(730</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(884</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Balance as at December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">653</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,325</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">545</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,551</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Return on plan assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">56</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">87</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">58</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Assets purchases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">360</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">382</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Assets sold during the year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(137</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(1</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(77</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(395</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(610</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Balance as at December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">573</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">24</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,187</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">597</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,381</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: teal"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="color: Black"><B>x.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><B>Underfunded
                                            pension plans</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Assets by category
are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="30" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2021</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2020</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    1</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    1</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">391</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">420</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">530</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">530</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
    securities</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,532</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,549</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,135</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,135</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
    securities - Corporate</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,106</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,106</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,697</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,697</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
    securities - Government</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">744</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,811</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,555</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">688</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,586</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,274</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
    funds - Fixed Income</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">211</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">211</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">188</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">821</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,009</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
    funds - Equity</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">964</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">298</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,278</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,820</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,825</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Structured
    investments - Private Equity funds</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,010</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,010</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,299</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,299</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real
    estate</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans
    to participants</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">931</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">931</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">935</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">935</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,532</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,289</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,265</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,086</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,016</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,454</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,274</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,744</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Measurement of underfunded
plan assets at fair value with no observable market variables (level 3) are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Private equity<BR>
 funds</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Equity pool</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Real estate</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Loans to participants</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Others</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 30%; color: Black; padding-bottom: 1pt">Balance as at December 31, 2019</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">855</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">221</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">668</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,756</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Return on plan assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Assets purchases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">104</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">104</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Assets sold during the year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(171</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(171</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Translation adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">506</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(188</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">268</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">586</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Balance as at December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,299</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">936</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,274</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Return on plan assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">58</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">58</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Assets purchases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">151</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">210</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">361</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Assets sold during the year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(588</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(595</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Translation adjustment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">90</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(5</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">71</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">166</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Balance as at December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,010</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">298</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">19</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">931</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,264</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>xi.
Disbursement of future cash flow</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Vale expects to disburse
R$499 (US$89 million) in 2022 in relation to pension plans and other benefits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: teal"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>xii.
Expected benefit payments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The expected benefit
payments, which reflect future services, are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Overfunded pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Underfunded pension plans</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Other benefits</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24%; color: Black; text-align: left">2022</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,283</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,276</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">384</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,297</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,274</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">390</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,309</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,266</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">402</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">2025</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,323</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,259</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">392</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,325</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,245</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">404</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2027 and thereafter</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,676</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,054</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,163</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>b)
Profit sharing program (&ldquo;PLR&rdquo;)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company
recorded as cost of goods sold and services rendered and other operating expenses related to the profit sharing program R$2,555
(US$478 million), R$2,460 (US$476 million) and R$1,243 (US$316 million) for the years ended on December 31, 2021, 2020 and 2019,
respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>c)
Long-term incentive programs</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">For the long-term
awarding of eligible executives, the Company compensation plans includes Matching program and Performance Share Unit program (&ldquo;PSU&rdquo;),
with three years-vesting cycles, respectively, with the aim of encouraging employee&rsquo;s retention and encouraging their performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Matching
Program</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">For the Matching program,
the participants can acquire Vale&rsquo;s common shares in the market without any benefits being provided by Vale. If the shares acquired
are held for a period of three years and the participants keep it employment relationship with Vale, the participant is entitled to receive
from Vale an award in shares, equivalent to the number of shares originally acquired by the executive. It should be noted that, although
a specific custodian of the shares is defined by Vale, the share initially purchased by the executives have no restriction and can be
sold at any time. However, if it&rsquo;s done before the end of the three-year-vesting period, they would lose its right of receiving
the related award to be paid by Vale.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Performance
Shares Units </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">For PSU program, the
eligible executives may receive during a three year-vesting cycle an award equivalent to the market value of a determined number of common
shares and depending on the Vale&rsquo;s performance factor, which is measured based on indicators of the total return to the shareholders
(&ldquo;TSR&rdquo;) and Environmental, Social, and Governance (&ldquo;ESG&rdquo;). It is comprised by 80% of TSR metrics and 20% of ESG
indicators.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">At the Annual and
Extraordinary Shareholders' Meeting (&quot;AGOE&quot;) held on April 30, 2021, the Company's shareholders approved changes in the PSU
program to be implemented as from the 2021 grant, consisting of (i) a change in the payment of the program award, which will be paid
with common shares of the Company, and (ii) additional payment at the end of each cycle based on the remuneration that will be paid by
Vale to its stockholders during the cycle.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>d)
Modification altering manner of settlement </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">As described in
note 2, both programs were classified as &ldquo;cash-settled&rdquo; due to the PSU requirements and the Company&rsquo;s settlement
practice for the Matching program and, therefore, presented as a liability. However, the decision taken at the AGOE
(&ldquo;modification date&rdquo;) demonstrates the Company's declared intention to change the form of liquidation of the programs.
As a result, those programs were modified to become &ldquo;equity-settled&rdquo; and were remeasured at the modification-date fair
value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: teal"><FONT STYLE="color: Black"><B>Remeasurement
of the fair value of plans</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The fair value of
the Matching program was estimated using the Company's share price and ADR on the modification date, as described in note 2, in the amount
of R$109.02 and US$20.12 per share, respectively. The number of shares granted on the grant date for the 2019, 2020 and 2021 cycles were
1,222,721, 2,154,534 and 1,046,255, respectively. The fair value of the program is recognized on a straight-line basis over three years
(period of service required), net of estimated losses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">For the PSU, the program
was remeasured by estimating the performance factor using Monte Carlo simulations for the Return to Shareholders Indicator and health
and safety and sustainability indicators. The assumptions used for the Monte Carlo simulations are shown in the table below, as well
as the result used to calculate the expected value of the total performance factor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black">PSU</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 87%; color: Black">Granted shares</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,474,723</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Date shares were granted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">04/30/2021</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">VALE (BRL)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">109.02</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">VALE ON (USD)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">20.12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Expected volatility</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">39.00</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%p.y.</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Expected dividend yield</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.18</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%p.y.</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Expected term (in years)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Expected shareholder return indicator</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">51.20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Expected performance factor</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">60.96</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Reclassification
from cash-settled to equity-settled</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black">Matching</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">April 30, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Remeasurement</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Reclassification</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">May 1, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Expense</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 22%; color: black">Liability</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">164</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">23</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(187</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Stockholders' equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">187</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">187</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">105</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">292</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Net income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(23</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(23</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(105</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(128</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">PSU</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>April 30, 2021</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>Remeasurement</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>Reclassification</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>May 1, 2021</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>Expense </B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>December 31, 2021</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">16</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Stockholders' equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">22</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">33</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Net income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(22</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Accounting
policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>Employee
benefits</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>i.
Current benefits &ndash; wages, vacations and related taxes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Payments of benefits
such as wages or accrued vacation, as well the related social security taxes over those benefits are recognized monthly in income, on
an accruals basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>ii.
Current benefits &ndash; profit sharing program </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company has the
Annual Incentive Program (AIP) based on Team and business unit&rsquo;s contribution and Company-wide performance through operational
cash generation. The Company makes an accrual based on evaluation periodic of goals achieved and Company result, using the accrual basis
and recognition of present obligation arising from past events in the estimated outflow of resources in the future. The accrual is recorded
as cost of goods sold and services rendered or operating expenses in accordance with the activity of each employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>iii.
Non-current benefits &ndash; long-term incentive programs </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company has established
a procedure for awarding certain eligible executives (Matching and Performance Share unit (&ldquo;PSU&rdquo;) Programs) with the goal
of encouraging employee retention and optimum performance. Share-based long-term compensation programs are equity-settled, under which
the Company receives employee services as consideration for equity instruments. The fair value of employee services received in exchange
for the grant of options is recognized as an expense. The total amount of expenses is recognized during the period in which the right
is acquired; period during which the specific vesting conditions are met.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>iv.
Non-current benefits &ndash; pension costs and other post-retirement benefits </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Company has several
retirement plans for its employees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">For defined contribution
plans, the Company's obligations are limited to a monthly contribution linked to a pre-defined percentage of the remuneration of employees
enrolled into these plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">For defined benefit
plans, actuarial calculations are periodically obtained for liabilities determined in accordance with the Projected Unit Credit Method
in order to estimate the Company&rsquo;s obligation. The liability recognized in the statement of financial position represents the present
value of the defined benefit obligation as at that date, less the fair value of plan assets. The Company recognized in the income statement
the costs of services, the interest expense of the obligations and the interest income of the plan assets. The remeasurement of gains
and losses, return on plan assets (excluding the amount of interest on return of assets, which is recognized in income for the year)
and changes in the effect of the ceiling of the active and onerous liabilities are recognized in comprehensive income for the year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">For
overfunded plans, the Company does not recognize any assets or benefits in the statement of financial position or income statement until
such time as the use of the surplus is clearly defined. For underfunded plans, the Company recognizes actuarial liabilities and results
arising from the actuarial valuation.</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>Critical
accounting estimates and judgments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>Post-retirement
benefits for employees - </B>The amounts recognized depend on several factors that are determined based on actuarial calculations using
various assumptions in order to determine costs and liabilities. One of these assumptions is selection and use of the discount rate.
Any changes to these assumptions will affect the amount recognized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">At
the end of each year the Company and external actuaries review the assumptions that will be used for the following year. These assumptions
are used in determining the fair values of assets and liabilities, costs and expenses and the future values of estimated cash outflows,
which are recorded in the plan obligations.</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: #00807A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="color: Black"><A NAME="va_038"></A>30.
Stockholders&rsquo; equity</FONT></P>

<P STYLE="color: #00807A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #00807A"><FONT STYLE="color: Black"><B>a)
Share capital</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">As
at December 31, 2021, the share capital was R$77,300 (US$61,614 million) corresponding to 5,132,458,410 shares issued and fully paid
without par value. The Board of Directors may, regardless of changes to by-laws, approve the issue and cancellation of common
shares, including the capitalization of profits and reserves to the extent authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black">Stockholders</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right; border-bottom: Black 1pt solid">Common shares</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right; border-bottom: Black 1pt solid">Golden shares</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 61%; color: Black; text-align: left">Shareholders with more than 5% of total capital</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,910,844,005</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,910,844,005</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Previ</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">415,794,956</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">415,794,956</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Capital World Investors</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">335,249,101</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">335,249,101</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Capital Research Global Investors</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">326,001,911</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">326,001,911</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Mitsui&amp;co</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">286,347,055</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">286,347,055</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Blackrock, Inc</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">279,562,772</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">279,562,772</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Capital International Investors</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">267,888,210</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">267,888,210</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Others</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,928,772,919</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,928,772,919</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Golden shares</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Total outstanding (without shares in treasury)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,839,616,924</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,839,616,936</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Shares in treasury</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">292,841,474</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">292,841,474</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Total capital</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,132,458,398</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,132,458,410</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The information presented
above is based on communications sent by stockholders pursuant to Instruction 358 issued by the Brazilian Securities Exchange Commission
(&ldquo;CVM&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>b)
Share buyback program and treasury shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(b.i) Share
buyback program</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">On April 1, 2021,
the Board of Directors approved a share buyback program for Vale&rsquo;s stocks limited to a maximum of 270,000,000 stocks, and
their respective ADRs, representing up to 5.3% of the total number of outstanding shares on that date. This program was concluded in
November with the repurchase of all shares, corresponding to the amount of R$27,642 (US$5,281 million), of which R$12,068 (US$2,273
million) through wholly-owned subsidiaries and R$15,574 (US$3,008 million) directly by the Parent Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Following the
previous program, the Board of Directors approved on October 28, 2021, a new share buyback program for Vale&rsquo;s stocks limited
to a maximum of 200,000,000 stocks, and their respective ADRs, representing up to 4.1% of the total number of outstanding stocks on
that date. Until December 31, 2021, the Company repurchased 21,184,500 shares, in the amount of R$1,479 (US$264 million), through wholly-owned
subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Thus, as at
December 31, 2021, the Company repurchased 291,184,500 stocks at an average price of R$ 100.01 (US$19.04) per stock, being
152,166,153 through its wholly-owned subsidiaries and 139,018,347 directly by the Parent Company. The total amount acquired was
R$29,121 (US$5,546 million), of which R$13,547 (US$2,538 million) through its wholly owned subsidiaries and R$15,574 (US$3,008
million) by the Parent Company. The subsidiaries continue to hold the acquired stocks as at December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(b.ii) Cancellation
of treasury shares</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In 2021, the Board
of Directors approved the cancellation of 152,016,372 common shares of the Company acquired in previous buyback programs and held in
treasury, without reducing its share capital. The impact of R$6,347 (US$2,401 million) was recorded in the stockholders' equity as &ldquo;Treasury shares
utilized and canceled&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">On February 24, 2022
(subsequent event), the Board of Directors approved the cancellation of 133,418,347 common shares issued by the Company and held in treasury,
without reducing the value of its capital stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><I><U>(b.iii) Treasury
shares used for the share-based payment program</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">In 2021, the
Company used 890,482 stocks from its treasury stocks (2020: 1,628,485 stocks), for share-based payment program of its executives
(note 2g), corresponding to R$37  (US$7 million) (2020:  R$68 (US$14 million)) recorded as &ldquo;Treasury shares utilized and
canceled&rdquo; in the stockholders&rsquo; equity for the year ended December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>c)
Profit distribution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 87%; color: Black; text-align: left">Net income of the year</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">121,228</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Appropriation to legal reserve</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,061</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Appropriation to tax incentive reserve</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">(13,779</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Net income after appropriations to legal reserve and tax incentive reserve</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">101,388</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Reclassification of the fair value adjustment reserve (nota 14a)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,911</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Approved remuneration (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">43,834</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Additional Stockholders&rsquo; remuneration</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17,849</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Appropriation to investments reserve</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">42,616</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">(i)
Of the total remuneration to shareholders for fiscal year 2021, R$25,346 (US$4,542 million) totals the minimum mandatory
remuneration for fiscal year 2021, which, according to the Company's Bylaws, must represent 25% of net income, after the allocations
of the legal reserve and tax incentive reserve. This amount was paid in full in 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"><I><U>(c.i)
Remuneration approved</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">In
2021, the Company approved and paid dividends and interest on capital to stockholders in the amount of R$51,246 (US$9,844 million)
as follows, (i) R$11,046 (US$2,200 million) as approved by the Board of Directors on June 17, 2021; and (ii) R$40,200 (US$7,644
million), approved by the Board of Directors on September 16, 2021. Of the total amount paid, R$7,411 (US$1,476 million) was
approved from the profits reserve and the remaining amount as an anticipation of the income for the year ended December 31,
2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"><I><U>(c.ii)
Additional remuneration</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">On
February 24, 2022 (subsequent event), the Board of Directors approved the stockholder&rsquo;s remuneration in the total gross amount
of R$17,849 (US$3,500 million).  The payment is expected to be  on March 16, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"><I><U>(c.iii)
Stockholder&rsquo;s remuneration for the year 2020</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">On
February 25, 2021, the Board of Directors approved the stockholder&rsquo;s remuneration in the amount of R$21,866 (US$3,972
million). Of the total amount, R$6,342 (US$1,152 million) represents the minimum mandatory remuneration for 2020 and was recorded as
 &quot;Dividends payable&quot; in the Company's current liabilities as at December 31, 2020. The remaining amount of R$15,524
(US$2,820 million) was approved as additional remuneration to the Company&rsquo;s stockholders and recorded in the
stockholders&rsquo; equity as &ldquo;Additional remuneration reserve&rdquo; as at December 31, 2020. This amount was paid in full on
March 15, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; width: 70%">Notes to the
    Financial Statements<BR>
    <FONT STYLE="font-style: normal"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%"><IMG SRC="tm225945d2_6kimg001.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black"><I><U>(c.iv)
Profit reserves</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Of the total amount
of profit reserves, after deducting the balance of legal, tax incentive and treasury shares reserves, as required by Brazilian corporate
law, R$26,485 (US$4,746 million) represents the amount of reserves available for distribution to the Company's stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Legal
    reserve</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Tax
    incentive<BR>
 reserve</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Investment's<BR>

    reserve</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Additional<BR>

    remuneration<BR>
 reserve</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Total
    of profit<BR>
 reserves</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 45%; color: Black"><FONT STYLE="font-size: 9pt">Balance
    as at December 31, 2019</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">6,675</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,418</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">18,484</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">28,577</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Allocation of
    income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,336</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,502</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">15,524</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">20,371</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Deliberated
    dividends and interest on capital of Vale's stockholders</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(12,350</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(12,350</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Balance
    as at December 31, 2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">8,011</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,427</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">9,636</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">15,524</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">36,598</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Allocation of
    income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">6,061</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">13,779</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">42,616</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">17,849</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">80,305</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Deliberated
    dividends and interest on capital of Vale's stockholders</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(7,411</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(15,524</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(22,935</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Treasury
    shares cancellation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(6,347</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">(6,347</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Balance
    as at December 31, 2021</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">14,072</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">17,206</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">38,494</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">17,849</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">87,621</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Legal reserve</U>
- Is a legal requirement for Brazilian public companies to retain 5% of the annual net income up to 20% of the capital. The reserve can
only be used to compensate losses or to increase capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Tax incentive reserve
</U>- Results from the option to designate a portion of the income tax for investments in projects approved by the Brazilian Government
as well as tax incentives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Investment reserve
</U>- Aims to ensure the maintenance and development of the main activities that comprise the Company&rsquo;s operations and to retain
budgeted capital for investments. Based on the Company&rsquo;s by-laws, this reserve is capped to 50% of the annual distributable net
income, up to the amount of the share capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><U>Additional
remuneration reserve</U> - Results from the remuneration proposed by Management that exceeds the mandatory minimum remuneration of
25% of the adjusted net income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A; text-align: justify"><FONT STYLE="color: Black">Accounting
policy</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Share
capital and treasury shares - <FONT STYLE="font-weight: normal">The Company holds stocks in treasury for a future sale, cancellation or
for the payment of the executives' long-term compensation programs. These stocks are recognized in a specific account as a reduction
of stockholders' equity to the acquisition value and maintained at the cost of the transaction. Incremental costs directly attributable
to the issue of new shares or options are recognized in stockholders&rsquo; equity as a deduction from the amount raised, net of taxes.</FONT></FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Stockholder&rsquo;s
remuneration - <FONT STYLE="font-weight: normal">The stockholder&rsquo;s remuneration is paid on dividends and interest on capital. This
remuneration is recognized as a liability in the financial statements of the Company based on bylaws. Any amount above the minimum mandatory
remuneration approved by the by-laws shall only be recognized in current liabilities on the date that is approved by stockholders.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company is permitted to distribute interest attributable to stockholders&rsquo; equity. The calculation is based on the stockholders&rsquo;
equity amounts as stated in the statutory accounting records and the interest rate applied may not exceed the Brazilian Government Long-term
Interest Rate (&ldquo;TJLP&rdquo;) determined by the Central Bank of Brazil. Also, such interest may not exceed 50% of the net income
for the year or 50% of retained earnings plus profit reserves as determined by Brazilian corporate law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
benefit to the Company, as opposed to making a dividend payment, is a reduction in the income tax burden because this interest charge
is tax deductible in Brazil. Income tax of 15% is withheld on behalf of the stockholders relative to the interest distribution. Under
Brazilian law, interest attributed to stockholders&rsquo; equity is considered as part of the annual minimum mandatory dividend. This
notional interest distribution is treated for accounting purposes as a deduction from stockholders' equity in a manner similar to a dividend
and the tax deductibility recorded in the income statement.</FONT></P>

<P STYLE="color: #007E7A; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; width: 70%">Notes to the
    Financial Statements<BR>
    <FONT STYLE="font-style: normal"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%"><IMG SRC="tm225945d2_6kimg001.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #00807A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><A NAME="va_039"></A>31.
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related parties</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
Company&rsquo;s related parties are subsidiaries, joint ventures, associates, stockholders and its related entities and key management
personnel of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">Related
party transactions were made by the Company on terms equivalent to those that prevail in arm&acute;s-length transactions, with respect
to price and market conditions that are no less favorable to the Company than those arranged with third parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">Net
operating revenue relates to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses
mostly relates to the variable lease payments of the pelletizing plants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">Purchases,
accounts receivable and other assets, and accounts payable and other liabilities relate largely to amounts charged by joint ventures
and associates related to the pelletizing plants operational lease and railway transportation services. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; width: 70%">Notes to the
    Financial Statements<BR>
    <FONT STYLE="font-style: normal"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%"><IMG SRC="tm225945d2_6kimg001.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
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<P STYLE="color: #007E7A; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions
with related parties</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="26" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Consolidated</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Year
    ended December 31,2021</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Year
    ended December 31,2020</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Year
    ended December 31,2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black"><B>Net
                                            operating<BR>
                                            revenue</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black"><B>Cost
                                            and<BR>
                                            operating<BR>
                                            expenses</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black"><B>Financial
                                            result</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black"><B>Net
                                            operating<BR>
                                            revenue</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black"><B>Cost
                                            and<BR>
                                            operating<BR>
                                            expenses</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black"><B>Financial
                                            result</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black"><B>Net
                                            operating<BR>
                                            revenue</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black"><B>Cost
                                            and<BR>
                                            operating<BR>
                                            expenses</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: Black"><B>Financial
                                            result</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">Joint Ventures</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">3,464</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(4,599</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(68</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1,945</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(2,819</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(52</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1,480</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(4,160</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(62</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;Companhia
    Sider&uacute;rgica do Pec&eacute;m</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">3,438</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">14</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1,845</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">38</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1,412</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;Alian&ccedil;a
    Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">26</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(564</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(540</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">65</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(507</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;Pelletizing
    companies (i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(1,872</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(79</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(507</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(87</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(2,250</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(150</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;MRS
    Log&iacute;stica S.A.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(1,498</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(1,187</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(793</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;Norte
    Energia S.A.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(612</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(515</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(562</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;Others</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(53</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(70</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(48</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">80</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">Associates</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1,379</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(115</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(9</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1,233</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(127</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">9</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1,164</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(127</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(3</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;VLI</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1,374</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(115</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1,208</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(127</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1,107</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(127</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;Others</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">25</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">57</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">Major
    stockholders (ii)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1,416</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(2,906</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">964</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(166</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">809</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(46</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(2,978</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(255</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(126</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;Banco do Brasil</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">72</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">89</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">80</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">1,416</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">964</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">809</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">Total
    of continuing operations</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">6,259</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(4,714</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(2,983</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">4,142</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(2,946</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(209</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">3,453</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(4,287</FONT></TD><TD STYLE="vertical-align: middle; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(111</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;Discontinued
    operation - Coal (note 16)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(518</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">81</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(2,078</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">116</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(2,723</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">269</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">6,259</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(5,232</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(2,902</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">4,142</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(5,024</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(93</FONT></TD><TD STYLE="vertical-align: middle; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">3,453</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">(7,010</FONT></TD><TD STYLE="vertical-align: middle; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 7pt">158</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 9pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 9pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center">Year
    ended December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center">Year
    ended December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 9pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Net operating<BR>
 revenue</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Cost and<BR>
 operating<BR>
 expenses</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Financial result</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Net operating<BR>
 revenue</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Cost and<BR>
 operating<BR>
 expenses</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><B>Financial result</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 26%; color: Black">Subsidiaries</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">193,821</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,510</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,682</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">114,856</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,383</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,394</TD><TD STYLE="width: 1%; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale International</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">193,650</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,631</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">114,692</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,498</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">171</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,510</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(51</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">164</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(3,383</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">104</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">Joint Ventures</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">3,428</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,599</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(28</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">1,801</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,819</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">1</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;&nbsp;&nbsp;Companhia Sider&uacute;rgica do Pec&eacute;m</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">3,428</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">14</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">1,801</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">38</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(564</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(540</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,872</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(39</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(507</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(33</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,498</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(1,187</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;&nbsp;&nbsp;Norte Energia S.A.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(612</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(515</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;&nbsp;&nbsp;Others</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(53</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(3</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(70</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(4</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">Associates</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">1,379</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(115</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(9</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">1,233</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(127</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">7</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;&nbsp;&nbsp;VLI</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">1,374</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(115</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(9</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">1,208</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(127</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(6</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;&nbsp;&nbsp;Others</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">5</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">25</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">13</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">Major stockholders (iii)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,911</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(168</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(2,978</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(255</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 9pt Times New Roman, Times, Serif; color: Black">Banco do Brasil</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">67</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: right">87</TD><TD STYLE="padding-bottom: 1pt; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">Total of continuing operations</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">198,628</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,224</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,630</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">117,890</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,329</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,554</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black">Total</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">198,628</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(7,224</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(4,630</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">117,890</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,329</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: right">(6,554</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman, Times, Serif; color: Black; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) Aggregated entities:
Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira
de Pelotiza&ccedil;&atilde;o and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(ii) Refers to the
stockholders that were part of the controlling &ldquo;shareholders&rsquo; agreement&rdquo;, which has expired on November 10, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; width: 70%">Notes to the
    Financial Statements<BR>
    <FONT STYLE="font-style: normal"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%"><IMG SRC="tm225945d2_6kimg001.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding
balances with related parties</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #007E7A"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="23" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Consolidated</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">December
    31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Assets</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Assets</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Cash
    and cash<BR>
 equivalents</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Accounts
    receivable</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Loans</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Dividends<BR>

    receivable</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Cash
    and cash<BR>
 equivalents</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Accounts
    receivable</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Loans
    (iii)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center"><FONT STYLE="font-size: 8pt">Dividends<BR>

    receivable</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">Joint
    Ventures</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">419</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">536</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">565</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">288</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia
    Sider&uacute;rgica do Pec&eacute;m</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">414</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">219</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">563</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">187</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing
    companies (i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">208</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">72</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS
    Log&iacute;stica S.A.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">105</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">27</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">Associates</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">102</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">17</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">236</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">87</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">81</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">17</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">155</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">Major stockholders
    (ii)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">10,184</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">23</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">28</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">10,817</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">9,744</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">28</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">7,886</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">23</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco
    do Brasil</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">440</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">2,931</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Pension
    plan</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">64</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">57</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">10,184</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">608</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">581</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">10,817</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">869</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">308</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Discontinued
    operation - Coal (note 16)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">5,800</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">167</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">10,184</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">608</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">581</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">10,817</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">869</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">5,800</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font-size: 8pt">475</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) Aggregated entities:
Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira
de Pelotiza&ccedil;&atilde;o and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(ii) Refers to the
stockholders that were part of the controlling &ldquo;shareholders&rsquo; agreement&rdquo;, which has expired on November 10, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(iii) Refers to the
loan with Nacala Logistics Corridor, presented in note 16.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; width: 70%">Notes to the
    Financial Statements<BR>
    <FONT STYLE="font-style: normal"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></FONT><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%"><IMG SRC="tm225945d2_6kimg001.jpg" ALT="">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Consolidated</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">December
    31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Liabilities</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Liabilities</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Suppliers
    and<BR>
    contractors</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Loans</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Financial<BR>

    instruments<BR>
    and other<BR>
 liabilities</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Suppliers
    and<BR>
    contractors</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Loans</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt">Financial<BR>

    instruments<BR>
    and other<BR>
 liabilities</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 34%; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Joint
    Ventures</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">388</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2,192</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">622</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,222</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing
    companies (i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">73</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2,192</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">190</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,222</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS
    Log&iacute;stica S.A.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">228</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">249</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">87</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">183</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Associates</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">265</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">262</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">214</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">248</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">32</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">262</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">34</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">248</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">233</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">180</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Major stockholders
    (ii)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,460</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,907</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,282</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,451</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1,282</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNDES
    (iii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,907</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">Pension plan</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">54</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">55</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">712</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,914</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">892</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">4,907</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2,752</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
    operation - Coal (note 16)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">5</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">7,192</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">712</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">3,914</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">897</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">12,099</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right"><FONT STYLE="font-size: 9pt">2,752</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) Aggregated entities:
Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira
de Pelotiza&ccedil;&atilde;o and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(ii) Refers to regular
financial instruments with the stockholders were part of the controlling &ldquo;shareholders&rsquo; agreement&rdquo;, which has expired
on November 10, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(iii) <I>Banco Nacional
de Desenvolvimento</I>&nbsp;(&ldquo;BNDES&rdquo;) is no longer considered a Company&rsquo;s related party, and therefore, balances with
BNDES as at December 31, 2021 are not presented in this note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Assets</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Assets</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Cash and cash<BR>
 equivalents</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Accounts<BR>
 receivable</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Dividends<BR>
receivable</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Cash and cash<BR>
 equivalents</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Accounts<BR>
 receivable</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Dividends<BR>
 receivable</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 22%; color: Black">Subsidiaries</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">45,475</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">44,309</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Vale International S.A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">45,430</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">44,265</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black">Other</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">45</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">44</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Joint Ventures</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">403</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">449</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">545</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">262</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Companhia Sider&uacute;rgica do Pec&eacute;m</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">401</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">219</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">544</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">187</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Pelletizing companies (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">208</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">MRS Logistica S.A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black">Other</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">Associates</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">102</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">97</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black">VLI</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">87</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black">Other</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">16</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Major stockholders (ii)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,355</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,253</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black">Bradesco</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">7,970</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,427</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">Banco do Brasil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">385</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">826</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt">Pension Plan</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">64</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">57</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">8,355</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">46,044</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">494</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5,253</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">45,008</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">282</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) Aggregated entities:
Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira
de Pelotiza&ccedil;&atilde;o and  Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(ii) Refers to regular
financial instruments with the stockholders were part of the controlling &ldquo;shareholders&rsquo; agreement&rdquo;, which has expired
on November 10, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Parent Company</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Supplier and<BR>
 contractors</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Loans</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Financial<BR>
 instruments<BR>
 and other<BR>
 liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Supplier and<BR>
 contractors</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Loans</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Financial<BR>
 instruments <BR>
and other<BR>
 liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 22%; color: Black; padding-left: 2pt">Subsidiaries</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">135</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">88,360</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">2,121</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">91,392</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0.125in">Vale International S.A. (i)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">86,125</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">90,115</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0.125in">Minera&ccedil;&otilde;es Brasileiras Reunidas S.A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,957</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 0.125in">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">135</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,235</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">164</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,277</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">Joint Ventures</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">387</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">622</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0.125in">Pelletizing companies (ii)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">190</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0.125in">MRS Log&iacute;stica S.A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">228</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">249</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 0.125in">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">86</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">183</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-left: 2pt">Associates</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">250</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">262</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">192</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">248</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 0.125in">VLI</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">262</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">34</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">248</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 0.125in">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">218</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">158</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 2pt">Major stockholders (iii)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,479</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,189</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 0.125in">Bradesco</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,479</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,282</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-left: 0.125in">BNDES (iv)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">4,907</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-left: 0.125in">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 2pt">Pension plan</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">54</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt; padding-left: 2pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">831</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">88,360</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">1,741</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">2,991</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">91,392</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">6,437</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(i) Refers mainly
to long-term loans to Vale International, of which R$74,645 (US$13,376 million) are allocated as Vale's net investment in foreign
operations (note 15).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(ii) Aggregated
entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o
Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia Nipo-Brasileira de
Pelotiza&ccedil;&atilde;o.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(iii) Refers to regular
financial instruments with the stockholders were part of the controlling &ldquo;shareholders&rsquo; agreement&rdquo;, which has expired
on November 10, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">(iv) <I>Banco Nacional
de Desenvolvimento</I>&nbsp;(&ldquo;BNDES&rdquo;) is no longer considered a Company&rsquo;s related party, and therefore, balances with
BNDES as at December 31, 2021 are not presented in this note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; width: 70%"><B>Notes to the Financial
    Statements</B><BR> <B>Expressed in millions of Brazilian reais, unless otherwise stated&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; color: Black; width: 30%; vertical-align: top">&nbsp;<IMG SRC="tm225945d2_6kimg001.jpg" ALT=""></TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
key management personnel remuneration</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Year ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2020</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2019</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Short-term benefits</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 61%; color: black">Wages</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">49</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">48</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">49</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Direct and indirect benefits</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">Profit sharing program (&ldquo;PLR&rdquo;)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">56</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">39</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">34</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">112</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">94</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">91</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">Long-term benefits</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">Shares based</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">63</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">Severance</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">8</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">34</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; color: Black; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">187</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">191</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">135</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The amounts
presented in the table above are on an accrual basis and include the compensation of the Executive Directors and members of the
Company's Board of Directors, however, the amount effectively paid in the years 2021, 2020 and 2019 was R$207 (US$38 million), R$176 (US$34 million) and R$103 (US$26 million), respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #007E7A"><FONT STYLE="color: Black"><B><A NAME="va_040"></A>32.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal; color: Black">The
commitments mainly relate to agreements for the acquisition of fuel, energy and the acquisition of raw materials and services. The required
and non-cancelable minimum payments related to contractual obligations as at December 31, 2021 are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">Consolidated</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2021</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: center">December 31, 2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%; color: Black; text-align: left">Purchase obligations</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">27,984</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">36,328</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">Purchase of energy</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,322</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: right">15,306</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left; padding-bottom: 2.5pt">Total minimum payments required</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">43,306</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: Black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: right">51,634</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: Black; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vale S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Registrant)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Ivan Fadel   </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: February 24, 2022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Head <FONT STYLE="font: 10pt Times New Roman, Times, Serif"> of Investor Relations</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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